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<br />27. 02 Spec!.tl.. Project~ Fund Establ i shec!:PURPOSE
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<br />Subdivision 1. There is hereby established and created a
<br />separate ~nd ~pecial fund designated as the Special Projects
<br />Fund, which the Clerk-Administrator and Finance Director-
<br />Treasurer ,shall maintain on the official accounting records and
<br />financial ~t~tement8 of the City and administ~r in accordance
<br />with this ordinance. This fund may he used to mdk~ 1ntarest
<br />bearing 10ans to financ~ public improveme~l proj~cts authorized
<br />pursuant to Chapt~r 26 of the Code or to make interest bearing
<br />loans to finance equipment pur~h~s~e and/or capital improvement
<br />p~~jccts~ whi~h h~ve been included in the Long T~rm Pinancial
<br />Pla~, ot any City enterprise fund.
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<br />Subdivision 2. This fund may also be used to mak~ permanent
<br />transfers for the purchase of equipment and/or to finance capital
<br />improvement projects, which hau~ hopn included in the Long Term
<br />Financial Pl~nt of any City fund except special assessment and
<br />enterprise f~nds. Tn no event ~hall this fund be us~d t() finance
<br />current and recur~ing general gover~ment operations and mainten-
<br />ance e)rpense!'>.
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<br />Subdivision 3. This fUIl.i may be used tOr.lak"e permanent""
<br />transfers to the fund halance of the Gene..-al Fund to ensuret'hat
<br />ther'e exi!'>ts a, cash flow reservp anrl a reserv~ for contingen-
<br />cies. Th~ amounts of said reserves shall be ,determined by the
<br />CitY'Council.
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<br />Sl1bdivision 4. Thi:<; fund may also be used to make emergency
<br />repaits to the publir utility ~ystem. City streets and highways,
<br />municipal buildings. and macninelY dlh1 equip;:::ent in the eV~nt '
<br />that monies fnr s~irl rpp~irs h~vp not hpen rreviously budgeted
<br />and/or that sllfficient moni.'}!'> c.n~ not <ivailable for 5aid repa'irs'
<br />from other sources. Tn the event that the emergency repairs'
<br />needl,ej are to asset!'> accoun I:.t'>d for in the \-la ter Fund, Sewer Fund,
<br />or any City enterprise fund t~~ monies for said repairs ~hall be
<br />in the form of,an int~rest bearing loan. At the o~tion of the
<br />Council monies us~d far repairs to assets accounted for in other
<br />funds may be in the form of interest bearing loans or permanent
<br />transfers. It shall be used for no other purpose and any~onies "
<br />on deposit in the fund may be invested in accordance with
<br />provisions of the City Ch~rtpr anrlwith applicable Minnesota _
<br />Statutes.
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<br />Subdivision 5. This fund may also be used to pay the bend.
<br />se~vice charges of' tne paying agents of the hands which were
<br />formerly accounted for in thf" Iinprovement Bo'nd Rede'mpt ion Fund,,'"
<br />and which were defeased on Januacy 18, 1934.
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<br />27.03 Funds To Be Deposited Therein
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<br />There shall he deposited in said fund the initial sum of
<br />S________which '-epresents the ~ash halance rern.1ining in the
<br />Improvement Rond Redemption Fund after the c~sh defeasance of
<br />that fund's ollt!-;tanding bonds. The special assessments
<br />rHceivable of the Improvement Rand Redemption Fund shall he
<br />tr~n!'>ferred to said fund and hereafter all future payments of
<br />prinCipal and interest on thOSH itS::;O::::;::;I"~ld.ii .;hull be dcpasit~rt in
<br />the fund. There may also he deposited in said fund such oth~r
<br />monie!': as may he dirp.cted hy the Council.
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