FY2021 Budget

TOWN OF MORRISVILLE * 100 TOWN HALL DRIVE * MORRISVILLE, NC 27560

RESOLUTION 2020-142 - C THE MORRISVILLE TOWN COUNCIL INTENT TO ESTABLISHES A DEBT SERVICE FUND

WHEREAS, the Town’s Capital Investment Program (CIP) establishes sound short and long-range investment expectations that provides direction for staff to plan for such investments to realize tangible results to the community; and

WHEREAS, such large financial investments primarily are dependent on financing strategies to effectively accomplish; and

WHEREAS, a separate debt service fund would allow for appropriate tracking of debt obligations and related expenses outside of the general fund including the accumulation of retired debt reserves annually that can be reapplied to future debt: NOW, THEREFORE, BE IT RESOLVED THAT THE MORRISVILLE TOWN COUNCIL hereby establishes a Debt Service Fund to account for the accumulation of resources for expenditures associated with the principle, interest and other fees for short and long-term debt obligations annually.

Adopted this 23 rd day of June 2020.

______________________________

TJ Cawley, Mayor

ATTEST:

______________________________

Eric W. Smith II, Town Clerk

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