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27.04 Ose of Funds <br />Su6division l. Upon the adoption oE a resolution by 4/5 of <br />the entire Council, monies of the fund may be used for the <br />purposes stated in Section II above. In the event of an interest <br />bearing loan the resolution authorizing said loan shall state the <br />amount of the loan, i[s purpose, term, interest rate, and method <br />of repayment. <br />� Subdivision 2. In the event of the purchase of equipment or <br />the financing of capital improvement projects, the authorizing <br />resolution shall state the amount of the purchase or finanCing, <br />shall contain a description of the equipment or project, and <br />shall designate the fund to which the monies are to be <br />transfered. <br />Subdivision 3. In the event of emergency repairs the <br />authorizinq resolution shall state the nature �f the repairs, the <br />amount needed for said repairs and shall designate the fund to <br />which the monies are to be transferred. The authorizing <br />resolution shall also sta[e that monies for said emergency <br />repairs had no[ previously been budgeted and that suFficient <br />monies are not available from other sources to finance said <br />emergency repairs <br />Subdivisinn 4. In the event nf e pennanent transEer tn the <br />fund balance oE the General Fund fhe authorizing resolution shall <br />state the amount of [he transEer and shall indicate whetheY said <br />transfer is designated for [he cash flow reserve or the reserve <br />for contingencies. <br />27.05 Ammertdment or Repeal <br />Upon the adop[ion of a resolution by 4/5 of the entire <br />Council this ordinance may be ammended or repealed. In the even[ <br />of repeal, monies accumulated in the Fund shall be deposited in <br />the General Fund with the resolution authnrizing cepeal speci- <br />fying the purpose(5I for which the Eunds would be expended. <br />Read by the Council oE the City of Mounds View on [he 23rd <br />day oE January, 1984. <br />Read and passed by Ghe Council of the City of Mounds View <br />this 13th day of February � 1984. <br />ATTEST: ___. � <br />Mayor <br />(SEAL) <br />Clerk-Atlministrator <br />