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Donald council approves Resolution 614-26 to close debt fund after bond payoff
Summary
The council approved Resolution 614-26 to close its debt fund and dispose of the remaining balance after paying off a bond. City Manager Underwood explained the bond payoff; the resolution passed unanimously.
The Donald City Council on April 14 approved Resolution 614-26 authorizing closure of the city's debt fund and disposition of the remaining balance after the related bond was paid off. City Manager Eric Underwood explained the rationale to the council, and the motion by Councilor Gabrielle Plunkett, seconded by Council President Jan Olsen, passed 6-0-0.
According to meeting minutes, Underwood "explained that the bond was paid off and now the fund could be closed." The resolution directs city finance staff to follow municipal procedures for closing the fund and allocating the remaining balance as authorized by council policy.
No dissent or abstentions were recorded. Any subsequent accounting entries or reallocation of remaining funds will be processed through the city's normal financial controls and reported in future financial statements.
