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<br />203.08 203.08 <br /> <br /> <br />Subd. 4. Funds to be Deposited: There shall be deposited in said Fund the initial sum of <br />eight hundred fifty three thousand four hundred fifty nine dollars ($853,459.00) which <br />represents the cash balance remaining in the Improvement Bond Redemption Fund after <br />the cash defeasance of the Fund’s outstanding bonds. The special assessments receivable <br />of the Improvement Bond Redemption Fund shall be transferred to said Fund, and <br />hereafter, all future payments of principal and interest on those assessments shall be <br />deposited in the Fund. There may also be deposited in said Fund such other monies as <br />may be directed by the Council. (1988 Code §27.03; 1993 Code) <br /> <br />Subd. 5. Use of Funds: <br /> <br /> a. Upon the adoption of a resolution by four-fifths (4/5) of the entire Council, monies <br />of the Fund may be used for the purposes stated in Subdivision 2 above. In the event of <br />an interest-bearing loan, the resolution authorizing said loan shall state the amount of the <br />loan, its purpose, term, interest rate and method of repayment. <br /> <br /> b. In the event of the purchase of equipment or the financing of capital improvement <br />projects, the authorizing resolution shall state the amount of the purchase or financing, <br />shall contain a description of the equipment or project and shall designate the fund to <br />which the monies are to be transferred. <br /> <br /> c. In the event of emergency repairs, the authorizing resolution shall state the nature of <br />the repairs, the amount needed for said repairs and shall designate the fund to which the <br />monies are to be transferred. The authorizing resolution shall also state that monies for <br />said emergency repairs had not previously been budgeted and that sufficient monies are <br />not available from other sources to finance said emergency repairs. <br /> <br /> d. In the event of a permanent transfer to the Fund balance of the General Fund, the <br />authorizing resolution shall state the amount of the transfer and shall indicate whether <br />said transfer is designated for the cash flow reserve or the reserve for contingencies. <br />(1988 Code §27.04) <br /> <br />Subd. 6. Amendment or Repeal: Upon the adoption of an ordinance by four-fifths (4/5) of <br />the entire Council, this Section may be amended or repealed. In the event of repeal, <br />monies accumulated in the Fund shall be deposited in the General Fund with the <br />resolution authorizing repeal specifying the purposes for which the funds would be <br />expended. (1988 Code §27.05) <br />City of Mounds View