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Expeudable 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 shall 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 />Funding shall consist of the following sources: <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 />(5) <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 />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 />(d) <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 />(e) <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 />(a) <br /> <br />Park Improvement Trust Fund. <br />The Park hnprovement 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 />(b) This fired is eligible for inter-fund loans. <br /> <br />Page 10 of 13 <br /> <br /> <br />