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CITY OF LITTLE CANADA, MINNESOTA <br />Exhibit U <br />PROPOSED CITY COUNCIL RESOLUTION <br />ESTABLISHING A PARK ACQUISITION 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 re- define the Park Acquisition <br />Fund to be administrated as defined below: <br />A. Into such fund shall be credited all park permits heretofore and hereafter <br />received by the City; plus investment interest earnings thereon. <br />B. 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 />C. This fund should be budgeted on a five year plan basis starting in 1988, 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 />Mayor <br />PAGE -32- <br />Clerk- Treasurer <br />