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ORDINANCE #93. <br /> <br />CITY OF RAMSEY <br />ANOKA COUNTY <br />STATE OF MINNESOTA <br /> <br />AN AMENDMENT TO CHAPTER 3 KNOWN AS THE OPERATIONS AND <br />ADMINISTRATION CHAPTER OF THE CITY CODE <br /> <br />AN ORDINANCE AMENDING CHAPTER 3 AND REPEALING AND <br />REPLACING SECTION 3.40 ENTITLED "CITY FUNDS' <br /> <br />The City of Ramsey hereby ordains: <br /> <br />Section 1. <br /> <br />Chapter 3.40 ent/tled "City Funds" is hereby repealed and replaced with the following: <br /> <br />3.40 CITY FUNDS <br /> <br />3.40.01 Purpose. It is the purpose of this chapter to establish City funds for the <br />deposit and disbursement of monies received by the City of Ramsey, to define polices for funds, <br />and to define which funds are eligible for inter-fund loans. This Chapter is adopted pursuant to <br />and under the authority of Chapter 7.09 of the City Charter. <br /> <br />3.40.02 Establishment of Funds, The following funds and fund classifications are <br />hereby established for deposit and disbursement of revenues: <br /> <br />Subdivision 1. Governmental Funds: <br /> <br />General Fund. The General Fund is the general operating fund of the City. It <br />shall be used to account for all f'mancial resources except those required to be <br />accounted for in another fund. <br /> <br />The General Fund is eligible for inter-fund loans to and from any other fund. <br /> <br />Special Revenue Funds. Special Revenue Funds are used to account for <br />specific revenue sources (other than special assessments, expendable crusts, or <br />major capital projects) that are legally restricted to expenditures for specified <br />purposes. <br /> <br />Tax Increment Fund. <br />The Tax Increment Fund shall be used to account for the revenue received from <br />general property taxes in the form of tax increments for the City's tax increment <br />,financing districts and transfer of funds necessary for the retirement of debt issued <br />~n those districts. <br /> <br />Funding shall consist of the following sources: <br />1) Annual increments received from general property taxes through the expiration of <br /> each district; and <br />2) Interest earrfings on the Tax Increment Fund from the distribution of pooted interest <br /> earnings. <br /> <br />Page I of 10 <br /> <br /> <br />