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Council approves liquor-fund transfer to cover semiannual bond payment
Summary
Council approved moving funds within liquor accounts to cover a semiannual bond payment (packet listed $79,949.31 due June 15) and added the transfer to annual budgeted transfers to eliminate needing council approval each year.
The Paynesville City Council approved a transfer from the liquor fund to the liquor capital improvement fund to cover a semiannual bond payment connected with the city's new building.
Meeting materials show the first-half bond payment due June 15 for $79,949.31; the council voted to move the necessary funds and to add the transfer to the annual budgeted transfers so staff will not have to seek council approval every year. The motion passed by voice vote with one councilor opposed.
Officials said the transfer would support bond payments on the new liquor store facility and that the liquor capital improvement fund has sufficient balance to cover the obligation.
