Agenda Packets - 1983/01/09 - Laserfiche WebLink

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SECTION II. Special Projects Fund Established: PURPOSE There is hereby established 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 accounting records and financial statements of the City and administer in accordance with this ordinance. This fund may be used to make interest hearing loans to finance public improvement projects authorized pursuant to Chapter 26 of. the Code or to make interest bearing loans to finance equipment purchases and/or capital improvement projects of any City enterprise fund. This fund may also be used to make permanent transfers for the purchase of equipment and/or to finance capital improvement projects of any City fund except special assessment and enterprise funds. In no event shall this fund he used to finance current and recurring general government maintenance expenses. This fund may be used to make permanent transfers to the fund balance of the General Fund to ensure that there exists a cash flow reserve and a reserve for contingencies. The amounts of said reserves shall be determined by the City Council. This fund may also be used to make emergency repairs to the public utility system, City streets and highways, municipal buildings, and machinery and equipment in the event that monies for said repairs have not been previously budgeted and/or that sufficient monies are not available for said repairs from other sources. In the event that the emergency repairs needed are to assets accounted for in the Water Fund, Sewer Fund, or any City I' enterprise fund the monies for said repairs shall be in the form of an interest bearing loan. At the option of the Council monies used for repairs, to assets accounted for in other funds, may be in the form of interest bearing loans or permanent transfers. It shall be used for no other purpose and any monies on deposit in the fund may be invested in accordance with provisions of the City Charter and with applicable Minnesota Statutes. SECTION III. Funds To Be Deposited Therein There shall be deposited in said fund the initial sum of $ which represents the cash balance remaining in the Improvement Bond Redemption Fund after the cash defeasance of that fund's outstanding bonds. The special assessments receivable of the Improvement Bond Redemption Fund shall be transferred to said fund and hereafter all future payments of principal and interest on those assessments shall be deposited in the fund. There may also be deposited in said fund such other monies as may be directed by the Council. SECTION IV. Use of Funds 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 Section 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. 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. 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. 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.