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

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Subdivision 4. Account Groups a. General Fixed Asset Account Group. The General Fixed Asset Account Group shall be used to account for tangible assets of significant value, which have a service life in excess of one year and are not accounted for in a proprietary fund type. b. General Long -Term Debt Account Group. The General Long -Term Debt Account Group shall be used to account for long- term debt, which is to be financed by revenue of Governmental Fund types. Subdivision 5. Inter -Fund Loans. Inter -fund loans are transfers from one fund to another with the intentions of repayment of principal or principal and interest. All inter - fund loans shall be approved by City Council resolution. Such resolution shall state the amount of the inter -fund loans, the interest rate, where applicable, and the repayment period. Subdivision 6. Fund Abolishment. No Fund created by this chapter may be abolished except by properly enacted Ordinance or as detailed in Chapter 7 of the City Charter. SECTION 2. SUMMARY The following is the official summary of Ordinance #16-05 which has been approved by the City Council of the City of Ramsey as clearly informing the public of the intent and effect of the Ordinance. The Ordinance repeals the existing City Code Section 3.40 and replaces it with a new Section 3.40. Section 3.40 is a section required by the City Charter. This section establishes the various City Funds used for the deposit and disbursement of City monies. This section further defines the policies of each Fund and how it is to be administered. SECTION 3. EFFECTIVE DATE This Ordinance becomes effective upon thirty (30) days after its passage and publication subject to City Charter, Chapter 5.7. PASSED by the City Council this the 24th day of May, 2016. ATTEST: City Clerk Introduction Date: Posting Dates: Adoption Dates: Publication Date: Effective Date: Mayor May 10, 2016 May 11, 2016 — May 23, 2016 May 24, 2016 May 27, 2016 June 26, 2016 Page 11 of 11