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<br />Vl~\GK O~ ~JNDS VIEd
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<br />STAn; or .UNNESOTA
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<br />AN OlilllNANCl:: ESTADLlSlUNG A PUDLIC HI.PI10V1::MEN1'
<br />~VVuV ING FUND ;.zm TIlE CONDITION:> AND PltOCEUU1U;
<br />""01\ TIG.: EXPENUlTUim OF MONIES FROM SAID t'UNj).
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<br />The Vtlla~e Council of th<: VD1'l'"c :>f ;,toundg View !1;;Cf; orda1n:
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<br />Sentio" 1. i>ubJ..l.(~ 1u1prQVe:':lCnt Reval vlng J.o'und Established. ThQro
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<br />ilt hereby estabUshed and creat.ed It. seplu'&t.tu auu ~~..lGl fund C:iii>~;;;;~tcd ~=
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<br />th... pul>lic lmprovc'llent re\'ol...lnl~ fund. which the Tn'a:-;urcr and l'lark shall
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<br />mainta~n on tho offiCial books and records of the VA1~~Me and administer 1b
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<br />accordance with thjs ordillancc. This [untt shaLl. be u,;o;.: ...... ~...I1...i..l...e a. 1.1. or
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<br />portions of any public improvement ordered iiy ;'l!r.: Vdl....."c i.)"ll',
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<br />It sha.ll
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<br />be u~e~ for no other purpose and its proceeds may be invested in accordanc~
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<br />with the applicable Minnesota Statutes. ,Upon reso1ution of 4/5 of all of the.'"
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<br />merabeNl of the Village Council this ordina.nce may be repoaled and tho funds:,/;;,.~;::~
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<br />accumulated under this section shall be deposi ted in the general fund or:.the !+~F(/.i:"~"i
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<br />VillagE' Council may declare any portion of the public improvement revolving><..~,.'i~~~~
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<br />fund sv,rplus and fh~!10si t said surplus 'n the general funds of the Village.
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<br />::>cctlon 2. Fur.ds to be doposi t<::d therein. There shall be dopesi ted
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<br />fnnd the initial sun of $-L~L ':l~'-J.lI_i~L3.nd hereafter such 5'.1mS may
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<br />be added to the fund frOlll general funds as directed by the Village Council" <, .';-;'::~
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<br />plus acc:umul:J.tic:m of inte.t'~st from investments ;,lus any pro-::eeds :trom special" :.,-:,~,,:~
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<br />assessments or general tax levies that are de9iKna~ed to be deposited in said
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<br />'::und.
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<br />Section 3.
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<br />I~rpose ?f proc~eds.
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<br />It is declared t~ be the purpose
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<br />of this (Jr"":inance to,iro'lidf> funds to finance any ~tl!:llc iMprovement ordered by
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<br />tne ViLlage Council pllrSiJant to thfl ':!.~pl1cablfJ !.Iinneso(;a Statutes.
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<br />Upon the
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<br />lottIng of a construction contract the Village Council tnay order the Treasuror
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<br />,t::..i thf? Cier!: to nake such ill'\Y:!1n't~; under the con tract from this fund.
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<br />Immed1ately therp-after th~ VillaJ{c ofItd3is shall take ~te!>8 to re!mbnrl'le' thiff~' ..'
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<br />fund by the proceeds of a. special asseRs'ncnt 01' hCl.~ral tax levy or revenue
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<br />tOuJ"~en ,I) such OIattur as orf'scl'ihed oy lav;.
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