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(5) <br /> <br />(d) <br /> <br />(e) <br /> <br />e <br /> <br />(a) <br /> <br />(b) <br /> <br />(a) <br /> <br /> (b) <br /> <br />4. <br /> (a) <br /> <br /> (b) <br /> <br />$. <br /> (a) <br /> <br />(b) <br /> <br /> (2) <br /> (3) <br /> (4) <br />(e) <br /> <br />Any loans or transfers for other than capital expenditures shall be authorized only <br />if the City Council declares an emergency situation to exist. <br /> <br />Fund balance shall be increased to and maintained at $2,750,000 or a level that <br />will provide for interest earnings adequate to support expenditures as detailed in <br />the annual Capital Improvement Program combined with transfers to other non- <br />operating City funds. <br /> <br />This fund is eligible for inter-fund loans. However, only forty percent (40%) of <br />the principal balance shall be used as a source of interest free inter-fund loans and <br />any loan or transfer of principal from the Landfill Expendable Trust Fund shall be <br />approved by a four-fifths vote of the City Council. <br /> <br />Park Improvement Trust Fund. <br />The Park Improvement Trust Fund shall be used to account for all cash and park <br />dedication fees and miscellaneous revenues to be used for future land acquisition <br />and park improvements. <br /> <br />This fund is eligible for inter-fund loans. <br /> <br />Escrow Fund. <br />The Escrow Fund shall be used to account for monies held for specific purposes <br />from developers, contractors, builders, residents or the like. This fund shall be <br />non-interest bearing. <br /> <br />This fund is not eligible for inter-fund loans. <br /> <br />Flexible Benefit Plan Fund. <br />The Flexible Benefit Plan Fund shall be used to account for the City's flexible <br />benefit plan which is classified as a "cafeteria plan" under Section 125 of the <br />Internal Revenue Code. <br /> <br />This fund is not eligible for inter-fund loans. <br /> <br />Park Trust Fund. <br />The Park Trust Fund will be used to account for resources accumulated to defray <br />the cost of maintaining and/or acquiring park improvements. <br /> <br />Funding shall consist of the following uses: <br />Donations <br />Excess General Fund Revenue Transfer in the amount of 10% of excess <br />Interest Earnings from pooled interest earnings. <br />Potential User fees (future) <br />Expenditures shall consist of the following uses: <br /> <br />(1) Fund balance shall be increased to and maintained at $3,000,000 unless City <br /> Council declares an emergency situation exists. <br />(2) Yearly transfer to the General Fund in the amount of 100% of accrued interest <br /> earnings to offset park maintenance costs once $3,000,000 fund balance has been <br /> achieved. <br /> <br />Page 11 of 13 <br /> <br /> <br />