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n TO: Mayor s Council <br />�rF�ROM: Finance Director 'Preasurer <br />DATE: January 19, 1984 <br />RE: AN ORDINANCE ESTABLISHING A SPECIAL PROJECTS FDND <br />a special projects fund is sub- <br />iven at the <br />A proposed ordinance establishingto provision <br />mitted for your consideration. Pthisadraft �includes na91 <br />January 1G, 196A Agenda. al improvements <br />that equipment and capial improvements financed by the fund must <br />'term Financial <br />be included in the Long al Plan. <br />mon <br />nd <br />In addition, 27.02 Subdivision 5, provides that paying <br />agents <br />entseOfuthe <br />a bond service charges of the paying 9 tion Fund. <br />may be used to pay <br />bonds formerly accounted for in the Improvement bond en ewh <br />of principal and interest <br />This Subdivision has been added because the escrow agent who will e <br />the investments and making payments onsible for those <br />managing agree to be resp i ' bility of the <br />of the defeased bonds wouthose charges will be the resp <br />charges. Therefore, payments are made. Those charges are es - <br />City until the 1,500 tofinal n$2,000 per year. <br />timated to he $ <br />refund by adopting this ordinance. <br />specialep recommended that the Council establish a <br />RECOtAtdENDATION: <br />DB/ds <br />Attachment <br />