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grant is included in the Council's packet. The design of the parking ramp is complete and <br />authorization for bids will be requested soon. The grant will expire on December 31, 2005. <br /> <br />Motion by Councilmember Jeffrey, seconded by Councilmember Cook, to adopt Resolution #05- <br />04-134 Accepting Grant from State of Minnesota for Construction of Oak Park and Ride Facility <br />in the Amount of $420,000. <br /> <br />Motion carried. Voting Yes: Mayor Gamec, Councilmembers Jeffrey, Cook, Elvig, Olson, <br />Pearson, and Strommen. Voting No: None. <br /> <br />Case #17: Report from Finance Committee: <br /> <br />1) Authorize Transfer of General Fund Revenues <br /> <br />Councilmember Strommen explained this relates to the City's financial policy for the purpose of <br />allocation of excess/deficient general fund reserves. According to this policy, transfers from the <br />general fund would be made as follows: <br /> Equipment Revolving Fund - 10% <br /> Facilities Construction Fund - 40% <br /> Public Improvement Revolving Fund - 40% <br /> Park Trust Fund - 10% <br /> <br />Councilmember Strommen explained that after costs related to the Municipal Center project, <br />there is a balance of $92,821.61 that needs to be allocated. The recommendation of the Finance <br />Committee was to authorize that transfer. <br /> <br />Councilmember Elvig noted page 348, item l(c) and page 349, item l(b) should be corrected to <br />state F4ft~Fom/percent (40%) to Fund #400. <br /> <br />Motion by Councilmember Elvig, seconded by Councilmember Strommen, to ratify the <br />recommendation of the Finance Committee in Case No. 1 and to adopt Resolution #05-05-135 <br />authorizing the transfer of the General Fund Excess Revenues to the Equipment Revolving Fund, <br />the Facilities Construction Fund, the Public Improvement Revolving Fund and the Park Trust <br />Fund at the stated rates. <br /> <br />Motion carried. Voting Yes: Mayor Gamec, Councilmembers Elvig, Strommen, Cook, Jeffrey, <br />Olson, and Pearson. Voting No: None. <br /> <br />2) Conduit Debt Policy <br /> <br />Councilmember Strommen explained this case concerns a conduit debt policy. The City has <br />recently been approached by Crestview and Lord of Life Church about the issuance of debt for <br />their respective projects in the Ramsey town Center and Highway 47. The conduit debt is the <br />same form of debt that the PACT Charter School used for the financing of their school last year. <br />The proposed policy has two main features, which are to require the organization seeking to pass <br /> <br />P92 <br /> <br />City Council/May 10, 2005 <br />Page 24 of 31 <br /> <br /> <br />