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MEMO TO: MAYOR AND CITY COUNCIL <br />9 <br />FROM: FINANCE DIRECTOR (`U� <br />DATE: AUGUST 20, D87 V� <br />SUBJECT: ORDINANCE NO. 427 <br />Pursuant to•Council direction I have prepared Ordinance No. <br />427, "An Ordinance Repealing Ordinance 97, Public Improve- <br />ment Revolving Fund". This ordinance repeals Ordinance No. <br />97 and transfers monies in the fund to the General Fund per <br />provisions of Subdivision 1 of Ordinance 97. After the <br />ordinance is effective Staff will submit a resolution <br />establishing a Garage Addition Fund and monies formerly in <br />the Public Improvement Revolving Fund may then be <br />transferred to it. <br />DD/mjs <br />Attachment: <br />