01-0893R
 
REPLACEMENT
RESOLUTION APPROPRIATING TOURISM TAX FUND BALANCE.

BY COUNCILOR HOGG:

        WHEREAS, there is an available fund balance in the tourism taxes fund of the city of Duluth; and

        WHEREAS, the city desires to assist the Lake Superior center authority in stabilizing their finances.

        NOW, THEREFORE, BE IT RESOLVED, that $219,000 be allocated to the debt service fund for the February 1, 2002, bond payment, this source coming from the reserve for capital improvement fund balance in the tourism tax fund (0258).



STATEMENT OF PURPOSE:  This resolution will authorize the city to transfer $219,000 from the tourism tax fund to the debt service fund to cover February 1, 2002, debt requirements. The $219,000 will be a one time infusion that will help Lake Superior Center authority avoid a cash deficit. The administration will be evaluating and monitoring Lake Superior Center authority's financial performance over the next year.