HomeMy Public PortalAbout1997-043Member Johnson introduced the following resolution and moved its adoption:
CITY OF MEDINA
RESOLUTION NO. 97 - 43
RESOLUTION DECLARING THAT THE CITY HAS
ADEQUATE RESERVES TO COVER BONDED
INDEBTEDNESS IN 1998
WHEREAS, the City of Medina shows the following levy amounts on the bond register for
payment of debt in 1998:
• $870,000 General Obligation Improvement Bonds of 1992........$136,500
WHEREAS, the Medina City Council has determined that it has adequate reserves to cover
the principal and interest payments due in 1998 for said debt obligations;
NOW, THEREFORE, BE IT RESOLVED by the City Council of Medina, Minnesota, as
follows:
1. The City of Medina hereby declares that the City has adequate reserves to cover the
bonded indebtedness of said G.O. Improvements and pledges to appropriate funds for
the debt service payments in 1998.
Dated: September 2, 1997
John B. Ferris, Mayor
Paul Robinson, City Clerk -Treasurer
The motion for the adoption of the foregoing resolution was duly seconded by member Thies and
upon vote being taken thereon, the following voted in favor thereof:
Ferris, Hamilton, Johnson, Thies, and Zietlow
and the following voted against same: None
Whereupon said resolution was declared duly passed and adopted