Agenda Packets - 1984/01/23 - Laserfiche WebLink

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27.02 special Projects Fund Established: PURPDSF Suhdivisinn 1. 'I'hcrc is hereby csLahlishcd 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 bearing loans to finance public improvement projects authorized pursuant to Chapter. 20 of the Code or to make interest bearing loans to finance equipment purchases and/or capital improvement projects, which have been included in the Long Term Financial Plan, of any City enterprise fund. Subdivision 2. This fund may also be used to make permanent transfers for the purchase of equipment and/or to finance capital improvement projects, which have been included in the Long Term Financial Plan, of any City fund except special assessment and enterprise funds. In no event shall this fund be used to finance current and recurring general government operations and mainten- ance expenses. subdivision 3. 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 contingen- cies. The amounts of said reserves shall be determined by the City Council. /-. subdivision 4. 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 sr!fficienr 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 enterprise fund the monies for said repairs shall be in the form of an interest bearing tnan. 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. Subdivision 5. This fund may also be used to pay the bond service charges of the paying agents of the bonds which were formerly accounted for in the improvement Bond Redemption Fund and which were defeased on January 18, 1984. 27.03 Funds To Be Deposited Therein There shall he deposited in said fund the initial sum of $ which represents the cash balance remaining in the Ijprovement 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.