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Subdivision 4. Account Groups <br /> <br />Geuerai 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 accouuted 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 #04-36, 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 />thc various City Funds used for the deposit and disbursement of City monies. This section <br />t'urthcr defines the policies of each Fund and how it is to be administered. <br /> <br />SECTION 3. EFFECTIVE DATE <br />This Ordinance becomes effective upon thirty (30) days after its passage and publication subject <br />to City Charter, Chapter 5.7. <br /> <br /> PASSED by the City Council this the 13th day of September, 2004. <br /> <br />-- ATTF~-~i~: ~-~~e__,~ Mayor <br /> <br /> lutroduction Date: August 24, 2004 <br /> Posting Dates: <br /> Adoption Dates: <br /> Publicatiou Date: <br /> Effective Date: <br /> <br />August 24 - September 14, 2004 <br />September 13, 2004 <br /> September 17, 2004 <br />October 17, 2004 <br /> <br />Page 12 of 13 <br /> <br /> <br />