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8. Economic Development Authority. <br />(a) The Economic Development Authority Fund shall account for all revenues and <br /> expenditures associated with City economic development activities within the City. <br /> <br />(b) <br /> (1) <br /> (2) <br /> <br />(3) <br />(4) <br /> <br />Funding shall consist of the following sources: <br />Monies designated from the landfill closure settlement; and <br />Transfers from the Tax Increment Fund in an amount not to exceed ten percent <br />(10%) of available increments received during the remaining life of each district; <br />and <br />Revenues generated from economic development activities within the City; and <br />Interest earnings on the Economic Development Authority Fund from the <br />distribution of pooled interest earnings. <br /> <br />(c) Expenditures shall consist of the following uses: <br /> (1) Expenses in conjunction with the operation of the Economic Development <br /> Authority; and <br /> (2) Salaries, benefits and operating costs associated with the promotion and <br /> management of economic development activities; and <br /> (3) Capital expenditures associated with economic development activities within the <br /> City as detailed in the annual Capital Improvement Program or as directed by the <br /> Economic Development Authority and City Council. <br /> <br />(b) <br /> (1) <br /> (2) <br /> <br />Debt Service Funds. Debt Service funds are used to account for the <br />accumulation of resources for, and the payment of, general long term debt principal <br />and interest. <br /> <br />The City shall maintain one Debt Service Fund with individual fund activities <br />created by staff on an as needed basis as required by Minnesota Statutes regarding <br />debt issuance. Each debt issue shall be mated as a separate fund activity under one <br />main Debt Service Fund. All assets, liabilities, fund equity, payments, and <br />revenues shall be maintained as separate accounts for each activity. <br /> <br />These funds are not eligible for inter-fund loans. However, after retirement of the <br />bonds, these funds may be used at the discretion of the City Council. <br /> <br />Capital Project Funds, Capital Project Funds shall be used to account for <br />financial resources to be used for the acquisition or construction of major capital <br />facilities (other than those financed by Proprietary Funds and Trust Funds). The <br />following are the City's Capital Project Funds: <br /> <br />Municipal State Aid Construction Fund (MSA). <br />The MSA Fm~d shall be used to account for state-aid allotments used by the City for <br />improvement projects to thoroughfare streets designated as MSA streets within the <br />City. <br /> <br />Funding shall consist of the following sources: <br />Annual MSA allotments: and <br />Interest earnings on the MSA Fund from the distribution of pooled interest <br />earnings. <br /> <br />Page 4 of 10 <br /> <br /> <br />