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27 . 02 Special Projects Fund Established: PURPOSE <br /> 4111 Subdivision 1 . There is hereby established and created a <br /> separate and special fund designated as the Special Projects <br /> Fund , which the Clerk-Administrator and Finance Director- <br /> Treasurer shall maintain on the official accounting records and <br /> financial statements of the City and administer in accordance <br /> with this ordinance . This fund may be used to make interest <br /> bearing loans to finance public improvement projects authorized <br /> pursuant to Chapter 26 of the Code or to make interest bearing <br /> loans to finance equipment purchases and/or capital improvement <br /> projects, which have been included in the Long Term Financial <br /> Plan, of any City enterprise fund . <br /> Subdivision 2 . This fund may also be used to make permanent <br /> transfers for the purchase of equipment and/or to finance capital <br /> improvement projects , which have been included in the Long Term <br /> Financial Plan, of any City fund except special assessment and <br /> enterprise funds. In no event shall this fund be used to finance <br /> current and recurring general government operations and mainten- <br /> ance expenses. <br /> Subdivision 3. This fund may be used to make permanent <br /> transfers to the fund balance of the General Fund to ensure that <br /> there exists a cash flow reserve and a reserve for contingen- <br /> cies. The amounts of said reserves shall be determined by the <br /> City Council . <br /> • Subdivision 4 . This fund may also be used to make emergency <br /> repairs to the public utility system, City streets and highways , <br /> municipal buildings , and machinery and equipment in the event <br /> that monies for said repairs have not been previously budgeted <br /> and/or that sufficient monies are not available for said repairs <br /> from other sources. In the event that the emergency repairs <br /> needed are to assets accounted for in the Water Fund , Sewer Fund , <br /> or. any City enterprise fund the monies for said repairs shall be <br /> in the form of an interest bearing loan . At the option of the <br /> Council monies used for repairs to assets accounted for in other <br /> funds may be in the form of interest bearing loans or permanent <br /> transfers. It shall be used for no other purpose and any monies , <br /> on deposit in the fund may be invested in accordance with <br /> provisions of the City Charter and with applicable Minnesota <br /> Statutes. <br /> Subdivision 5. This fund may also be used to pay the bond <br /> service charges of the paying agents of the bonds which were <br /> formerly accounted for in the Improvement Bond Redemption Fund <br /> and which were defeased on January 18 , 1984 . <br /> 27 . 03 Funds To Be Deposited Therein <br /> There shall be deposited in said fund the initial sum of <br /> • S___ which represents the cash balance remaining in the <br /> Improvement Bond Redemption Fund after the cash defeasance of <br /> that fund ' s outstanding bonds. The special assessments <br /> receivable of the Improvement Bond Redemption Fund shall be <br /> transferred to said fund and hereafter all future payments of <br /> principal and interest on those assessments shall be deposited in <br /> the fund. There may also be deposited in said fund such other <br /> monies as may be directed by the Council . <br />