09/28/93 - Laserfiche WebLink

Home

ORDINANCE 93- CITY OF RAMSEY ANOKA COUNTY STATE OF MINNESOTA AN ORDINANCE AMENDING CHAPTER 3.40 OF THE CITY CODE ESTABLISHING THE PUBLIC IMPROVEMENT REVOLVING FUND AND RELATED POLICIES OF RAMSEY, MINNESOTA. The City Council of the City of Ramsey hereby ordains: Section 1. Amendment Section 3.40.02 Subd. 1 Governmental Funds is hereby amended by the addition of the following: Under Subdivision 1., paragraph d. Improvement Revolving Fund add sub-paragraph 3 - Permanent 3. Permanent Improvement Revolving Fund Purpose A pr/mary objective of the City of Ramsey is to provide a consistent level of service in the area of public works, therefore the City Council hereby establishes the Permanent Improvement Revolving Fund (PIR) for the purpose of funding a portion of the City's share of the annual Street Maintenance Program. Policies Funding shall consist of the following sources: 1) Excess debt service funds from retired bonds; and 2) Annual interest earnings (past and future) earned on tax increments in the tax increment financing districts until the termination of such districts; and 3) Interest earnings on the PIR Fund fi.om the distribution of pooled interest earnings based on average cash balances. Expenditures shall consist of the following: 1) Transfers to the General Fund to provide a revenue source for the annual Street Maintenance Program. At no time shall this amount be greater than the annual interest earnings available to the PIP.. Fund. Fund Balance shall be increased to and maintaine_d, at a level adequate to ensure future funding of not less than 50% of the City s share of the annual Street Maintenance Program through interest earnings. This fund is eligible for inteffund loans. Section 2. Effective Date This ordinance becomes effective upon 30 (thirty) days after its passage and publication subject to City Charter, Chapter 7.9.