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Council approves transfer of surplus bond proceeds to cover bond payments
Summary
The Franklin City Council on June 1 approved Resolution 2026-07 to transfer surplus bond proceeds from fund 4414 into fund 6202 to be used for payment of bond principal and interest, a move city attorneys said is authorized under Indiana Code IC-5-1-13-2.
City Attorney Lingray told the Franklin City Council on June 1 that Resolution 2026-07 would authorize transferring surplus bond proceeds into a fund that can be used to pay bond principal and interest.
Lingray said staff discovered bond proceeds left over in a separate fund and, after researching applicable law, concluded the transfer is allowed under Indiana Code IC-5-1-13-2. He said the city will move the money from fund 4414 to fund 6202 and then use that balance to pay required premiums and interest. "Kudos, Jan. Good. She taught me something," Lingray said, crediting a staff member for the research.
Council moved and seconded approval of the resolution and the motion carried with all members responding in favor. The resolution, as presented, authorizes the transfer and distribution of surplus bond proceeds; the council did not record a roll-call vote or individual vote tallies in the transcript.
Next steps: staff will complete the fund transfer and apply the proceeds to upcoming bond payments in accordance with the bond terms and the cited statute. No additional conditions or amendments were stated on the record.
