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Councilmember introduced the following resolution and moved for its adoption: <br /> <br />RESOLUTION #93-07.XXX <br /> <br />RESOLUTION AUTHORIZING THE ESTABLISHMENT OF FUND #815 WITHIN THE <br />CITY'S FINANCIAL SYSTEM AND DESIGNATING THE ALLOCATION OF FUNDS <br />RECEIVED FROM THE LANDFILL CLOSURE/POST CLOSURE DEDUCTION <br />SETTLEMENT <br /> <br /> WHEREAS, at the May 12, 1993, City Council and Staff Work Session, members of staff and Council <br />identified the proceeds from a pending landfill settlement as a possible source for funding economic development <br />activity within the City of Ramsey; and <br /> <br /> WHEREAS, at the City's Finance Committee meeting of June 8, 1993, the Finance Committee was <br />advised the settlement funds in the amount of Tha-ee Hundred Seventy-Five Thousand Two Hundred Seventy- <br />Seven and No/100 Dollars ($375,277.00) were deposited to the City's money market account that day; and <br /> <br /> WHEREAS, this deposit repmsentexl the funds received from Waste Management in settlement of <br />pending litigation involving a closureIpost closure deduction made from monthly payments due to the City of <br />Ramsey; and <br /> <br /> WHEREAS, staff recommended and the Finance Commitme concuncd that the portion of this settlement <br />that represented deductions for the landf'fll activity fi'om 1985 tlu'ough 1991, for which the principal and interest <br />settlement totals One Hundred Sixty Four Thousand Ninety-three and No/100 dollars ($164,093.00) be placed in <br />a new City fund establL~ed for the purpose of ~g economic development activity witlfin the City of Ramsey; <br />and <br /> <br /> WHEREAS, staff further recommended and the Finance Commiuee concurred that the remaining <br />settlement amount of Two Hundred Eleven Thousand One Hundred Eighty.four and No/100 Dollars <br />($211,184.00) be credited to the City's existing l~und #803 which is the Lanch"fll Expendable Trust Fund. <br /> <br />NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF <br />RAMSEY, ANOKA COUNTY, STATE OF MINNESOTA, as follows: <br /> <br />1) <br /> <br />That the City Council hereby authorizes establishment of a new City Fund #815 entitled Economic <br />Development Activity Fund for the purpose of accounting for all revenues and expenditures associated <br />with City economic development activities witlfin the City of Ramsey. <br /> <br />2) <br /> <br />That the City Council directs the Finance Officer to credit the sum of One Hundreal Sixty Four Thousand <br />Ninety-three and No/100 dollars ($164,093.00) ~rom the landffflt setllement proceeds to tl~ newly <br />estabLi~ed fund. <br /> <br />3) <br /> <br />That the City Council direcm the Finance Officer to cred~ the remaining settlement in the amount of Two <br />Hundred Eleven Thousand One Hundred Eighty-four and No/100 Dollam ($211,184.00) to the City's <br />existing Fund #803 which ks entitled Expendable Lancff'ztl Trust Fund. <br /> <br />The motion for adoption of the foregoing resolution was duly seconded by Councilmember <br /> and vote being taken thereon, the following voted in favor thexeof: <br /> <br />and the following voted against same: <br /> <br />and the following abstained: <br /> <br />whereupon said resolution was declared duly passed and adapted by the Ramsey City Council this the I3th day of <br />Jul3', 1993. <br /> <br />Mayor <br /> <br />Ciw Adminisu-atot <br /> <br /> <br />