HomeMy WebLinkAboutResolution 2024-60 Approving 2023 Transfers (1)City of Corcoran
County of Hennepin
State of Minnesota
RESOLUTION NO. 2024-60
Motion By: Nichols
Seconded By: Bottema
RESOLUTION APPROVING 2023 TRANSFERS
May 21, 2024
WHEREAS, in May of 2023 the City issued $25,545,000 of General Obligation Bonds for the purpose of
financing certain road and water system improvements; and
WHEREAS, the City incurred $327,313.12 of cost related to the City Center and 79t" place project prior
to the issuance of the bonds; and
WHEREAS, preliminary costs associated with this project were paid from Fund 408 Pavement
Management; and
WHEREAS, in 2023
the 2023 bond procee
the City established a construction fund (Fund 434) to account for the receipt of
ds, along with ongoing costs related to this project; and
WHEREAS, the City wishes to transfer $327,313.12 of the bond proceeds to Fund 408 to reimburse for
costs previously incurred; and
WHEREAS,
WHEREAS,
the City received $670,557.00 from the sale of the St. Therese property in 2022; and
the proceeds from the sale were recorded in Fund 408 Pavement Management; and
WHEREAS, the City's long-term financial plan has modeled the revenue from this sale in Fund 401
Long Range Capital Planning; and
WHEREAS, City Management and the City Council wish to reallocate the funds to the Long Range
Capital Planning Fund;
NOW, THEREFORE, BE IT RESOLVED that the Corcoran City Council hereby approves the following:
® A one-time transfer from Fund 434 Horseshoe Bend, Hackamore Road, and City Center Project to
Fund 408 Pavement Management in the amount of $327,313.12;
• A one-time transfer from Fund 408 Pavement Management to Fund 401 Long Range Capital
Planning in the amount of $670,557.00;
VOTING AYE VOTING NAY
® McKee, Tom ❑McKee, Tom
® Bottema, Jon ❑Bottema, Jon
® Nichols, Jeremy ❑Nichols, Jeremy
❑ Lanterman, Mark
❑ Vehrenkamp, Dean
® Lanterman, Mark
® Vehrenkamp, Dean
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City of Corcoran
County of Hennepin
State of Minnesota
RESOLUTION NO. 2024-60
May 21, 2024
Whereupon, said Resolution is hereby declared adopted on this 21ST day of May, 2024.
ATTEST:
Michel I
Friedrich —City Clerk
Tim
ee -- Mayor
City Seal
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