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Investment Trust Fund. <br />The Investment Trust Fund shall be an interim fund only used to account for and <br />distribute earned interest to the various City funds. This fund shall be closed each <br />year prior to the issuance of the annual financial statements and has no budget <br />because of its temporary nature. <br /> <br />(b) This fund is not eligible for inter-fund loans. <br /> <br />(a) <br /> <br />Self-Funding Insurance Fund. <br />The Self-Funding Insurance Fund shall be used to account for insurance refunds, <br />dividends and other miscellaneous insurance related revenues, and to provide for <br />self-funding the deductible portion of the City's insurance policies. <br /> <br />(b) This fund is eligible for inter-fund loans. <br /> <br />Subdivision 3. Trust and Agency Funds. Trust and Agency Funds shall be used to <br />account for assets held by the City in a trustee capacity for individuals, private <br />organizations, other governments, and/or other funds. <br /> <br />Expendable Trust Funds. Expendable Trust Funds are funds whose principal <br />and income may be expended in the course of designated operations. The <br />following are Expendable Trust Funds: <br /> <br />(a) <br /> <br />Landfill Expendable Trust Fund. <br />The Landfill Expendable Trust Fund was s~,a!! be, used to account for royalty <br />receipts received from landfill monthly gross revenues and the disposition of those <br />receipts. <br /> <br />(b) <br /> (1) <br /> <br /> (2) <br /> <br /> (3) <br /> <br />Funding shall consist of the following sources: <br /> <br />Interest earnings on the Landfill Expendable Trust Fund from the distribution of <br />pooled interest earnings. <br /> <br />(c) <br /> (1) <br /> (2) <br /> <br />(3) <br /> <br />(4) <br /> <br />Expenditures shall consist of the following uses: <br />Payment of any legal costs related to the landfill closure and post closure; and <br />Transfers to the Park Improvement Revolving Fund, on an annual basis, in an <br />amount not to exceed the interest available in the Landfill Expendable Trust Fund <br />and as detailed in the annual Capital Improvement Program as defined by City <br />Council; and <br />Transfers to other non-operating City funds to offset, retire or avoid future debt. <br />This amount, when combined with the above transfers and payments, shall not <br />exceed the amount of interest earnings available to the Landfill Expendable Trust <br />fund; and <br />Any capital expenditures (non-operating) that would utilize principal and are <br />approved by a four-fifths vote of the City Council; and <br /> <br />Page 10 of 13 <br /> <br /> <br />