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IIF
Member Thies introduced the following resolution and moved its adoption:
CITY OF MEDINA
RESOLUTION NO. 98-58
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 1999:
• $870,000 General Obligation Improvement Bonds of 1992 $130,200
WHEREAS, the Medina City Council has determined that it has adequate reserves to cover
the principal and interest payments due in 1999 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 1999.
Dated: September 14, 1998
hn B. Ferris, Mayor
Paul Robinson, City Clerk -Treasurer
The motion for the adoption of the foregoing resolution was duly seconded by member
Hamilton and upon vote being taken thereon, the following voted in favor thereof:
Ferris, Hamilton, and Thies
and the following voted against same: None Absent: Johnson and Thies
Whereupon said resolution was declared duly passed and adopted.
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