The Taconite Capital of the World

City of Mountain Iron, Minnesota



Resolution 49-98 Year End Maintenance

RESOLUTION NUMBER 49-98

TRANSFERRING FUNDS FROM THE GENERAL FUND TO THE CAPITAL IMPROVEMENT FUND AT THE END OF THE 1998 FISCAL YEAR

WHEREAS, the need presents itself for the transfer of funds from one city fund to the other to maintain the proper fund balance and fund future Capital Improvement Projects, and

WHEREAS, these transfers need to occur at the end of the City�s 1998 fiscal year.

NOW, THEREFORE, BE IT RESOLVED, by the Mountain Iron City Council that the following transfers take place at the end of the City�s 1998 fiscal year:

Proceeds from the sale of the General Obligation Community Center Bonds and associated interest be transferred to the hereby created Reserved Community Center in the Capital Improvement Fund.

General Fund � reserved for M. S. Grant ($2,234.97) to Capital Improvement Fund Reserve for ADA Compliance.

General Fund � reserved for Downtown Revitalization ($1,425.84) to the Capital Improvement Fund � Unreserved Fund Balance.

General Fund � reserved for Tree Program ($1,420.74) to the Capital Improvement Fund � Unreserved Fund Balance.

General Fund � reserved for Fire Department Equipment ($2,205.00) to Capital Improvement � Reserved for Fire Truck.

Any amount, after the aforementioned transfers, in excess of a General Fund balance of $1,000,000.00 shall be transferred from General Fund � Unreserved Fund balance to Capital Improvement � Unreserved Fund balance.

Passed and duly adopted the 21st day of December, 1998.

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