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Councilrn~rnber introduced the following resolution and moved for its adoption: <br /> <br />RESOLUTION N93-06-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 StaffWork 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 Three Hundred Seventy-Five Thousand Two Hundred Seventy- <br />Seven and No/100 Dollars ($375277.00) were deposited to the City's money market account that day; and <br /> <br /> WHEREAS, this deposit represented the funds received from Waste Management in settlement of <br />pending litigation involving a closure/post closure deduction made from monthly payments due to the City of <br />Ramsey; and <br /> <br /> WHEREAS, staff recommended and the Finance Commiuee concurred that the portion of this settlement <br />that represented deductions for the landfill activity from 1985 through 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 established for the purpose of funding economic development activity within the City of Ramsey; <br />and <br /> <br /> WHEREAS, staff further recommended and the Finance Committee 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 Fund #803 which is the Landfill 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 />I) <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 within the City of Ramsey. <br /> <br />2) <br /> <br />That the City Council directs the Finance Officer to credit the sum of One Hundred Sixty Four Thousand <br />N:nety-three and No/100 dollars ($164,093.00) from the landfill settlement proceeds to th. is newly <br />established fund. <br /> <br />3) <br /> <br />That the City Council directs the Finance Officer to credit the remaining settlement in the amount of Two <br />Hundred Eleven Thousand One Hundred Eighty-four and No/100 Dollars ($211,184.00) to the City's <br />existing Fund #803 which is entitled Expendable Lanflf'fll 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 thereof: <br /> <br />and the following voted against same: <br /> <br />and the following abstained: <br /> <br />whereupon said resolution was declared duly passed and adopted by the Ramsey City Council this the 22nd day <br />of June, 1993. <br /> <br />ATTEST: <br /> <br />M~yor <br /> <br />City Administrator <br /> <br /> <br />