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27.02 Special Projects Fund Established: PURPOSE <br />Subdivision 1. There is hereby established and created a <br />separate and special fund designated as the Special Projects <br />Fund, which the Clerk -Administrator and Finance Director - <br />Treasurer shall maintain on the official accounting records and <br />financial statements of the City and administer in accordance <br />with this ordinance. This fund may be used to make interest <br />bearing loans to finance public improvement projects authorized <br />pursuant to Chapter 26 of the Code or to make interest bearing <br />loans to finance equipment purchases and/or capital improvement <br />projects, which have beer, included in the Long Term Financial <br />Plan, of any City enterprise fund. <br />Subdivision 2. This fund may also be used to make permanent <br />transfers for the purchase of equipment and/or to finance capital <br />improvement projects, which have been included in the Long Term <br />Financial Plan, of any City fund except special assessment and <br />enterprise funds. In no event shall this fund be used to finance <br />current and recurring general government operations and mainten- <br />ance expenses. <br />Subdivision 3. This fund may be used to make permanent <br />transfers to the fund balance of the General Fund to ensure that <br />there exists a cash flow reserve and a reserve for contingen- <br />cies. The amounts of said reserves shall be determined by the <br />City Council. <br />Subdivision 4. This fund may also be used to make emergency <br />repairs to the public utility system, City streets and highways, <br />municipal buildings, and machinery and equipment in the event <br />that monies for said repairs have not been previously budgeted <br />and/or that sufficient monies are not available for said repairs <br />from other sources. in the event that the emergency repairs <br />needed are to assets accounted for in the Water Fund, Sewer Fund, <br />or any City enterprise fund the monies for said repairs shall be <br />in the form of an interest bearing loan. At the option of the <br />Council monies used for repairs to assets accounted for in other <br />funds may be in the form of interest bearing loans or permanent <br />transfers. It shall be used for no other purpose and any monies <br />on deposit in the tund may be invested in accordance with <br />provisions of the City Charter and with applicable Minnesota <br />Statutes. <br />Subdivision 'S. This fund may also be used to pay the bond <br />service charges of the paying agents of the bonds which were <br />formerly accounted for in the Improvement Bond Redemption Fund <br />and which were defeased on January 18, 1984. <br />27.03 Funds To Be Deposited Therein <br />There shall be deposited in said fund the initial sum of <br />$ which represents the cash balance remaining in the <br />Improvement Bond Redemption Fund after the cash defeasance of <br />that fund's outstanding bonds. The special assessments <br />receivable of the Improvement Bond Redemption Fund shall be <br />transferred to said fund and hereafter all future payments of <br />principal and interest on those assessments shall be deposited in <br />the fund. There may also be deposited in said fund such other <br />monies as 41iay be directed h. Lhe Council. <br />s <br />r� <br />