Agenda - Council - 11/14/1989 - Laserfiche WebLink

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Councilmcmber introduced the following resolution and moved for its adoption. RESOLUTION #89-11- RESOLUTION ESTABLISHING POLICY REGARDING THE USE OF THE LANDFILL TRUST FUND WHEREAS, on December 12, 1984 the City of Ramsey sold certain real estate to Waste Management of Minnesota, Inc. known as the Anoka Regional Sanitary Landfill; and WItEREAS, the City of Ramsey has placed and will place any and all of the proceeds from the sale of the Anoka Regional Sanitary Landfill into the Landfill Trust Fund; and WHEREAS, there are no existing contractual or legal obligations which would restrict the City of Ramsey's use of said proceeds; and WHEREAS, it is the desire of the City Council of Ramsey, Minnesota to preserve intact the principal of the remaining proceeds from the sale of the Anoka Regional Sanitary Landfill. NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF RAMSEY, ANOKA COUNTY, STATE OF MINNESOTA, as follows: 1) That the Finance Officer of the City of Ramsey is instructed to report separately the principal amount and the interest amount for the Landfill Trust Fund from December 12, 1984. 2) That expenditures from the principal amount of the Landfill Trust Fund only be authorized with a four-fifths vote of the City Council. 3) That no expenditure of Landfill Trust Fund for operating purposes should be authorized unless the City Council first declares an emergency situation to exist (operating purposes in this case means non-capital costs). 4) That up to 40% of the principal of the Landfill Trust Fund may be used as a source of funds for interest free interfund loans. 5) That any loan or transfer of principal from the Landfill Trust Fund shall be approved by a four-fifths vote of the City Council. The motion for the adoption of the foregoing resolution was duly seconded by Councilmember and upon vote being taken thereon, the following voted in favor thereof: and the following voted against the same: and the following abstained: and the following were absent: whereupon said resolution was declared duly passed and adopted by the Ramsey Ci~, Council this the 14th day of November, 1989.