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(3) Any capital expenditures (non-operating) that would utility principal and are <br /> approved by a four-fifths vote of the City Council. <br /> <br />Nonexpendable Trust Funds. Non-expendable Trust Funds are funds whose <br />principal must be preserved intact. These funds are intended to account for the <br />principal portion of an endowment provided to the City by private donors with the <br />stipulation that the principle be preserved intact. The following are <br />Nonexpendable Trust Funds: <br /> <br />1. Pension Trust Funds. <br />(a) The Pension Trust Funds shall be used to account for City operated public <br /> employee retirement systems. <br /> <br />(a) <br /> <br />Agency Funds. <br />Agency Funds shall be custodial funds (assets equal liabilities) and do not involve <br />measurement of operations. Agency Funds are merely clearing accounts and have <br />no fund equity. <br /> <br />Subdivision 4. Account Groups <br /> <br />General Fixed Asset Account Group. <br />The General Fixed Asset Account Group shall be used to account for tangible <br />assets of significant value, which have a service life in excess of one year and are <br />not accounted for in a proprietary fund type. <br /> <br />General Long-Term Debt Account Group. <br />The General Long-Term Debt Account Group shall be used to account for long- <br />term debt, which is to be financed by revenue of Governmental Fund types. <br /> <br />Subdivision 5. Inter-Fund Loans. Inter-fund loans are transfers from one fund to <br />another with the intentions of repayment of principal or principal and interest. All inter- <br />fund loans shall be approved by City Council resolution. Such resolution shall state the <br />amount of the inter-fund loans, the interest rate, where applicable, and the repayment <br />period. <br /> <br />Subdivision 6. Fund Abolishment. No Fund created by this chapter may be abolished <br />except by properly enacted Ordinance or as detailed in Chapter 7 of the City Charter. <br /> <br />SECTION 2. SUMMARY <br />The following is the official summary of Ordinance #04-__, which has been approved by the City <br />Council of the City of Ramsey as clearly informing the public of the intent and effect of the <br />Ordinance. The Ordinance repeals the existing City Code Section 3.40 and replaces it with a <br />new Section 3.40. Section 3.40 is a section required by the City Charter. This section establishes <br />the various City Funds used for the deposit and disbursement of City monies. This section <br />further defines the policies of each Fund and how it is to be administered. <br /> <br />Page 12 of 13 <br /> <br /> <br />