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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 og, Ramsey ordains: <br /> <br />Section 1. AMENDMENT <br /> <br />Chapter 3.40 entitled "City Funds" is hereby repealed and replaced with the following: 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 section 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 def'me which funds are eligible for inter-fund loans. This section is adopted pursuant to and <br />under the authority of Chapter 7 of the City Charter. <br /> <br />3.40.02 Establishment of Funds. The following funds and fund classifications are <br />established for deposit and disbursement of revenues: <br /> <br /> Subdivision 1. Governmental Funds: <br /> <br /> a. General Fund. The General Fund is the general operating fund of the City. It <br /> shall be used to account for all financial 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 /> b. Special Revenue Funds. Special Revenue Funds are used to account for <br /> specific revenue sources (other than special assessments, expendable trusts, or <br /> major capital projects) that are legally restricted to expenditures for specified <br /> purposes. The following are the City's Special Revenue Funds: <br /> <br /> 1. Tax Increment Fund. <br /> (a) 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 /> in those districts. <br /> <br /> (b) 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 earnings on the Tax Increment Fund from the distribution of pooled interest <br /> earnings. <br /> <br /> Page 1 of 10 <br /> <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br /> <br /> <br />