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City of Mounds View <br />203.08 203.08 <br />e. This Fund may also be used to make emergency repairs to the public utility system, City <br />streets and highways, Municipal buildings and machinery and equipment in the event that <br />monies for said repairs have not been previously budgeted and/or that sufficient monies are <br />not available for said repairs from other sources. In the event that the emergency repairs <br />needed are to assets accounted for in the Water Fund, Sewer Fund or any City enterprise <br />fund, the monies for said repairs shall be in the form of an interest-bearing loan. At the <br />option of the Council, monies used for repairs to assets accounted for in the funds may be in <br />the form of interest-bearing loans or permanent transfers. It shall be used for no other <br />purpose, and any monies on deposit in the Fund may be invested in accordance with <br />provisions of the City Charter1 and with applicable Minnesota statutes. <br />f. This Fund may also be used to pay the bond service charges of the paying agents of the <br />bonds which were formerly accounted for in the Improvement Bond Redemption Fund and <br />which were defeased on January 18, 1984. (1988 Code §27.02) <br />Subd. 4. Funds to be Deposited: There shall be deposited in said Fund the initial sum of eight <br />hundred fifty three thousand four hundred fifty nine dollars ($853,459.00) which represents <br />the cash balance remaining in the Improvement Bond Redemption Fund after the cash <br />defeasance of the Fund's outstanding bonds. The special assessments receivable of the <br />Improvement Bond Redemption Fund shall be transferred to said Fund, and hereafter, all <br />future payments of principal and interest on those assessments shall be deposited in the <br />Fund. There may also be deposited in said Fund such other monies as may be directed by <br />the Council. (1988 Code §27.03; 1993 Code) <br />Subd. 5. Use of Funds: <br />a. Upon the adoption of a resolution by four-fifths (4/5) of the entire Council, monies of the <br />Fund may be used for the purposes stated in Subdivision 2 above. In the event of an <br />interest-bearing loan, the resolution authorizing said loan shall state the amount of the loan, <br />its purpose, term, interest rate and method of repayment. <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, shall <br />contain a description of the equipment or project and shall designate the fund to which the <br />monies are to be transferred. <br />1 See Charter Chapter 7 for finance provisions.