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Shakopee City Council
May 2, 2017
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| | | | | | | | | FROM: | Darin Nelson, Finance Director | | TO: | Mayor and Council Members |
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| | | | | | | | Subject:
Closing of the 2004B, 2006A and 2007A Debt Service Funds
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| | | | | | | | Policy/Action Requested:
Approve resolution closing the 2004B Refunding Bonds (3035) and 2006A Improvement Bonds (3038) Debt Service Funds into the 2008A Improvement Bonds Debt Service fund and closing the 2007A Improvement Bonds (3039) Debt Service Fund into the Capital Improvements fund
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| | | | | | | | Recommendation:
Close the 2004B Refunding Bonds (3035) and 2006A Improvement Bonds (3038) Debt Service Funds into the 2008A Improvement Bonds Debt Service fund and close the 2007A Improvement Bonds (3039) Debt Service Fund into the Capital Improvements fund
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| | | | | | | | Discussion:
On February 1, 2017, the final bond payment on the 2004B, 2006A and 2007A Bonds were made. The remaining dollars in the 2004B Refunding Bonds (3035) and 2006A Improvement Bonds (3038) Debt Service Funds of approximately $14,000 should be transferred to the 2008A Improvement Bonds Debt Service fund for future debt payments. The remaining dollars in the 2007A Improvement Bonds (3039) Debt Service Fund of approximately $4,900 should be transferred to the Capital Improvements fund as deferred assessments remain on this bond.
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