Agenda - Council - 05/10/2016 - Laserfiche WebLink

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(b) Funding shall consist of the following sources: (1) Annual increments received from general property taxes through the expiration of each district; and (2) Interest earnings on the Tax Increment Fund from the distribution of pooled interest earnings. (3) Land sales if land purchase was originally financed with Tax Increment funds (c) Expenditures shall consist of the following uses: (1) Transfers to the related debt service funds for principal, interest and fiscal charges on bond issued on projects in the tax increment financing districts until such time as all bonds are retired; and (2) Costs levied by the County for administration of the tax increment financing districts; and (3) Costs associated with tax increment financing projects as detailed in the annual Capital Improvement Program or as approved by the Economic Development Authority and City Council. (d) The above policies shall at all times comply with Minnesota Statutes and any City agreements currently in place or entered into in the future. (e) This fund is eligible for inter -fund loans. 2. Future Sealcoating Fund. (Fund 9250) (a) The Future Sealcoating Fund shall be used to account for contributions from developers and property owners for future sealcoating work. (b) This fund is eligible for inter -fund loans. 3. Revolving Loan Fund. (Fund 9232) (a) The Revolving Loan Fund shall be used to account for loans authorized by the City of Ramsey to prospective private businesses in accordance with Chapter 469 of the Minnesota State Statutes and as outlined in the City of Ramsey's Economic Development Revolving Loan Fund Guidelines adopted in February 2005. (b) Funding shall consist of the following sources: (1) Funds made available by the Minnesota Department of Trade and Economic Development and the City of Ramsey; and (2) Interest Collected on loaned funds during the term of the loan; and (3) Interest earnings on the Revolving Loan Fund from the distribution of pooled interest earnings. (c) Expenditures shall consist of the following uses: (1) Loans to small businesses are to be used on eligible costs such as land improvements, purchase or renovation of building, purchase machinery or equipment, building construction, leasehold improvements, or any authorized expenditure, provided that no funds are to be used for management fees, financing costs, franchise fees, debt repayment or consolidation, moving costs, refinancing and operating costs or working capital; and Page 2 of 11