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CITY OF LITTLE CANADA, MINNESOTA <br />Exhibit S <br />PROPOSED CITY COUNCIL RESOLUTION <br />ESTABLISHING A CLOSED BOND FUND <br />WHEREAS, the City has heretofore financed major capital purchases as part of its annual <br />operating budget; and, <br />WHEREAS, the City is desirous of creating a system to plan for such purchases on a <br />long -term and scheduled basis. <br />BE IT THEREFORE RESOLVED, that the City Council hereby create the Closed Bond Fund to <br />be administrated as defined below: <br />A. Into such fund shall be credited such monies as designated by the City Council, <br />including tax levies and /or transfers from the General Fund as designated by <br />the annual operating budget of the City and such other monies as designated by <br />the City Council. <br />B. Also into such fund shall be credited all remaining balances after the final <br />maturity of any City Bond Issues, plus future and connection charges asso- <br />ciated with such bond issues. <br />C. Expenditures and /or transfers from this fund shall be limited to <br />program /project costs specifically approved by the City Council plus admi- <br />nistration costs related to such programs /projects. <br />D. Also charged against such fund shall be any remaining deficiencies after the <br />final maturity of any City Bond Issues. <br />E. This fund should be budgeted on a five year plan basis starting in , for <br />major capital improvement /acquisition projects and /or programs. Such a five <br />year plan shall be updated annually in conjunction with the City's regular <br />budget process or as otherwise determined by the City Council. <br />Adopted this <br />day of , 1987. <br />PAGE -30- <br />Mayor <br />Clerk- Treasurer <br />