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6 <br /> 27 . 04 Use of Funds <br /> Subdivision 1. Upon the adoption of 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, its 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 /> authorizing resolution shall state the nature of 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 state that monies for said emergency <br /> repairs had not previously been budgeted and that sufficient <br /> monies are not available from other sources to finance said <br /> emergency repairs <br /> Subdivision 4. In the event of a permanent transfer to the <br /> fund balance of the General Fund the authorizing resolution shall <br /> state the amount of the transfer and shall indicate whether said <br /> transfer is designated for the cash flow reserve or the reserve <br /> for contingencies. <br /> 27 . 05 Ammendment or Repeal <br /> Upon the adoption of a resolution by 4/5 of the entire <br /> Council this ordinance may be ammended or repealed . In the event <br /> of repeal , monies accumulated in the Fund shall be deposited in <br /> the General Fund with the resolution authorizing 9 repealspeci- <br /> fying <br /> zin s eci- <br /> fying the purpose( s) for which the funds would be expended . <br /> Read by the Council of the City of Mounds View on the 23rd <br /> day of January, 1984. <br /> Read and passed by the Council of the City of Mounds View <br /> this 13th day of February , 1984. <br /> ATTEST: /t0 -6 ' 0111,or• <br /> a; <br /> (SEAL) /. """ RIPPF <br /> Cler' -A•.minist ato <br />