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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Council this ordinance may be ammended or repealed.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. <br />Adopted this day of 1984. <br />ATTEST: <br />(SEAL) <br />Clerk -Administrator <br />