05-24-84 Agenda & Packet - Laserfiche WebLink

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' S' 27.02 Special Projects Fund Established: PURPOSE Subdivision 1. 'there is herehy esGabLished and created a separate and special fund designated as the Special Projects Fund, which the Clerk-Administrator and Finance Director- Treasurer shall maintain on the official accountiny records and financial statements of Ghe City and a�lminister in accordance with [his ordinance. Y'his Eund may be useA to make interest bearing loans to finance public improveinent projects authorized pursuant to Chapter 25 of the Code or to make interest bearing loans to finance equipment purchases and/or capital improvement projects, which have been i.ncluded in the I,ong Term Financial Plan, of any Ci[y enterprise fund. Subdivision 2. Thiz fund may also be used to make permanent transfers for the purchase of equipment and/or [o finance capital improvement projects, which have been included in the Long Term Financial Plan, of any Ci[y tund except special assessmen[ and enterprise fonds. In no event shall thi.s Eund be usr,d to Einance current and recurrinq general government operations and mainten- ance expenses. ' Subdivision 3. 1'his Eund may be userl to make permanent [ransfers to the fund balance of the General Fund to ensure tha[ there exists a cash flow reserve and a reserve for contingen- cies. The amounts of said reserves shali be determined by the City Council. Subdivision 4. 'Shis [und may alsn be used to make emergency repairs to the public utility system, City streets and highways, municipal 6uildings, and machinery and ec�uipment in the event that monies for said repair.s have not heen previously budgeted and/or that sufEicient monies are not available Eor said repairs Erom other sources. In the event that the emergency repaiCS needed are to assets accounted for. in the Water Fund, Sewer Fund, or any City enterpcise fund the monies for said repairs shall be in the form of an interest bearing loan. At the option of the Council monies used Eor repairs to assets accounteA for in other funds may be in the form of interest 6eariny Lnans or permanent transfers. It shall be used for no other purpose and any monies on deposi[ in the fund may be invested in accordance wi[h provisions of the City Charter and with applicable Minnesota Statutes. Su6division 5. This fund may also Ae used to pay the bond service charges oE the paying agents of the bonds which were formerly accounted for in the Improvement Bond Redemption Pund and which were defeased on January 18, 1984. 27.03 Funds To Ae Deuosited Therein There shall be deposited in said fund� the initial sum of S which represenCS [he cash baLance r.nmaining in the Improvement Bond Redemption Fund after the cash defeasance of that fund's ouCStanding bonds. The special assessments receivable nf the tmprovement I7ond Redemption Fund shall be transferred to saiA fund and heceafter all future paymen[s of principal and interest on those assessmcnts shall be deposi[ed in.. � the fund. Thecs. may also be Aoposited in said fund such othet � monies as may be dirr.cted Ay the Council.