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5.b)1) Close Fund #304 and Transfer Balance to Fund #307 Meeting Date: 8/17/10 Agenda Item: �( ,6 ) � � City Council Agenda Report City of Scandia 14727 209`h St. North Scandia, MN 55073 (651) 433-2274 Action Requested: • Adopted a resolution to close"Blacktop Project 2004" Fund No. 304 and transfer the cash balance of Fund 304 to "Blacktop Project 2007"Fund No. 307. • Accept Treasurer's Report reflecting the closure of Fund 304 and transfer to Fund 307. Deadline/Timeline: N/A Background: All debt obligations have been made for Blacktop Project 2004 as of July 23, 2009. It has been the past practice of the City to transfer any cash balance of blacktop funds that are closed into the next blacktop fund. Recommendation: Approve requested actions. Attachments/ • Resolution No. 08-17-10-01 Materials provided: Contact(s): Prepared by: Colleen Firkus, Treasurer Fund transfer report) Page 1 of 1 08/11/10 CITY OF SCANDIA RESOLUTION NO. 08-17-10-01 CLOSING OF "BLACKTOP PROJECT 2004" FUND NO. 304 AND TRANSFERRING THE BALANCE OF FUND 304 TO "BLACKTOP PROJECT 2007" FUND NO. 307 WHEREAS,the City of Scandia has met its debt obligation for Blacktop Project 2004 Debt Service Fund 304 as of July 23, 2009, when the last payment was made to Security State Bank, NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Scandia does approve the closing of Fund 304 and transferring any cash balance to Fund 307. Adopted by the Scandia City Council this 17th day of July, 2010. Dennis D. Seefeldt, Mayor ATTEST: City Clerk/Administrator