Agenda - Council - 09/28/1993 - Laserfiche WebLink

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ORDINANCE 93- CITY OF RAMSEY ANOKA COUNTY STATE OF MINNESOTA AN ORDINANCE AMENDING ORDINANCE 84-13 ESTABLISHING FUNDING AND EXPENDITURE POLICIES FOR THE EQUIPMENT REVOLVING FUND, RAMSEY, MINNESOTA. The City Council of the City of Ramsey hereby ordains: Section 1. ~ The Equipment Revolving Fund shall be used to f'mance the replacement of City equipment vehicles, and or buildings and additions. Section 2. Amendment - Policies Funding shall consist of the following sources: 1) Transfers from the Landfill Tipping Fee Fund of seventy-five percent (75%) of tipping fees received during the life of the Anoka Regional Sanitary Landfill in accordance with Resolution g92-06-126; and 2) Transfers from non-enterprise fund types in the amount of the annual depreciation to be held and invested in order to provide funds for the replacement of equipment, vehicles and/or buildings and additions; and 3) Interest earnings on the Equipment Revolving Fund from the distribution of pooled interest earnings based on average cash balances. Expenditures shall consist of the following: 2) Transfers to non-enterprise fund types for costs associated with the replacement of equipment, vehicles and/or buildings and additions in an amount not to exceed the lesser of seventy-five percent (75%) of the replacement cost or one hundred percent (100%) of the depreciated value. Fund balance shall be increased to and maintained at a minimum level equal to one hundred and ten percent (110%) of the original cost of all equipment, vehicles and/or buildings and additions in the Equipment Revolving Fund. This fund is eligible for interfund loans. Section 3. Effective Date This ordinance becomes effective upo~n 30 (thirty) days after its passage and publication subject to City Charter, Chapter 7.9. I ! I I I I I I I I I i I I I ! I I I