CC PACKET 01241989 - Laserfiche WebLink

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1 i SPECIMEN GUIDELINES FOR THE DEVELOPMENT ACCOUNT OF THE GENERAL AGENCY RESERVE FUND SYSTEM PURPOSE The Development Account shall be maintained and used by the Authority as a revolving fund to assist the economical financing and accomplishing of any policy, goal, purpose,.project, or program of the Authority. Without limitation, the uses of the funds in the Development Account are intended to be used, as may be permitted by law, for the following general purposes:: - 1. To provide a .fund in support of the projects of the Authority which can allow the Authority the flexibility to respond when such projects require unexpected or interim financial assistance. 2. To provide a source of funding which can be used to avoid the need for or reduce the extent of long-term debt incurred in support of the Authority's projects and programs. 3. To provide a single depository for any short-term debt incurred to assist the Authority's programs and projects. 4. To centralize financial control of assisted projects and programs. 5. To provide a depository for funds received by the Authority in the future. 6. To facilitate the establishment of other accounts to develop further the General Authority Reserve Fund System. To the extent practically and legally possible, the Authority shall maintain the Development Account as a revolving fund which shall be used, in the discretion of the Authority, with City Council approval, for the benefit of all projects and programs of the Authority heretofore or hereafter undertaken, and to such extent, the Authority shall endeavor to maintain the Development Account as an ongoing, active fund, and to such end, the Authority shall, to the extent possible, provide directly or indirectly for the replenishment of the Development Account for funds disbursed therefrom in accordance with this resolution. PROCESS 1. No use of or disbursement from the Development Account shall be made without the prior consent and approval of the City Council. Consistent with these guidelines, and as practicable, any use of funds must follow the same • approval process as the issuance of a tax increment general obligation bond.