CC PACKET 05261987 - Laserfiche WebLink

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Section 3 . Funds and Accounts, Additional Bonds. For the proper administration of the moneys so to be borrowed and to make adequate and specific . security to the purchaser of the Bonds and to the owners thereof from time to time, and the.. owners of any other bonds issued and made payable on a parity with the Bonds, the City shall, at least until the Bonds. and interest thereon . are fully paid, establish and maintain it Liquor .Store Fund and maintain financial records of the receipts and disbursements relating to said Fund in accordance with this. resolution. In such records there shall be established and maintained subdivisions of the Liquor Store Fund for the purposes and in the amounts as follows: 3 .01 . Capital Expenditures Account. There is hereby established within the Liquor Store Fund a "Capital Expenditures Account", into which shall be paid all of the . proceeds of the Bonds with the exception of accrued interest paid by the purchaser at the time of delivery of the Bonds. There shall be charged to and paid from this Account all, but only, the items of capital expenditures to be made for the Project as described in Section 1 .02 hereof, provided that upon - completion of the Project any moneys remaining in said Capital Expenditures Account shall be transferred to the Operation and Maintenance Account described below. 3 .02 Operation and Maintenance Account. There is •' hereby established within the Liquor Store Fund an "Operation and Maintenance Account", to ,which there shall be charged and from which there shall be paid all, but only, those items of disbursement .which, by generally accepted accounting principles, constitute normal, reasonable and current costs of operation and maintenance of the Store, including compensation of Store employees, insurance, utility services and costs of maintenance of a reasonable stock of merchandise, but excluding allowance for depreciation, capital improvements, extraordinary repairs and debt service. All moneys received by the City from its ownership and operation of the Store, including any addition thereto and improvement thereof and including all receipts from the sale of intoxicating liquor and from the sale of other merchandise and services on Store premises , and from the rental of any portion of the Store, and from the sale of equipment or furnishings purchased for the Store and not needed, to be retained, are herein called "gross revenues" and shall be paid into the Liquor' Store Fund and apportioned monthly to the several accounts therein. Upon each such apportionment there shall be credited to the Operation and Maintenance Account such portion of the gross revenues as shall be needed, together with the balance then on hand therein, to pay all claims then due and to become due within the succeeding month in respect of expenses of operation and maintenance, including a reasonable -14- 0