05-24-84 Agenda & Packet - Laserfiche WebLink

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- q 27 . 04 Use of Funds 410 Subdivision 1 . Upon the adoption of a resolution by 4/5 of the entire Council , monies of the fund may be used for the purposes stated in Se-tion II above . In the event of an interest bearing loan the resolution authorizing said loan shall state the amount of the loan, its purpose, term, interest rate, and method of repayment. Subdivision 2. In the event of the purchase of equipment or the financing of capital improvement projects, the authorizing resolution shall state the amount of the purchase or financing , shall contain a description of the equipment or project, and shall designate the fund to which the monies are to be transfered . Subdivision 3 . In the event of emergency repairs the authorizing resolution shall state the nature of the repairs , the amount needed for said repairs and shall designate the fund to which the monies are to be transferred . The authorizing resolution shall also state that monies for said emergency repairs had not previously been budgeted and that sufficient monies are not available from other sources to finance said emergency repairs Subdivision 4. In the event of a permanent transfer to the • fund balance of the General Fund the authorizing resolution shall state the amount of the transfer and shall indicate whether said transfer is designated for the cash flow reserve or the reserve for contingencies. 27 . 05 Ammendrnent or Repeal Upon the adoption of a resolution by 4/5 of the entire Council this ordinance may be ammended or repealed . In the event of repeal , monies accumulated in the Fund shall be deposited in the General Fund with the resolution authorizingrepealspeci- fying s eci- fying the purpose ( s) for which the funds would be expended . Read by the Council of the City of Mounds View on the 23rd day of January , 1984 . Read and passed by the Council of the City of Mounds View this 13th day of February , 1984. ATTEST: Mayor ( SEAL) — Clerk-Administrator