Resolution - #89-11-305 - 11/14/1989

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Councilmemb~,r ~'~earson introduced the following resolution and moved for its adoption: RESOLUTION #89-11-305 RESOLUTION ~-~STABLISHING POLICY REGARDING THE USE OF THE LANDFILL TRUST FROND WitEREAS, on December 12, 1984 the City of Ramsey sold certain real estate to Waste M~n~cjc~nent of Minnesota, Inc. known as the Anoka Regional Sanitary Landfill; and WHEREAS, the City of Ramsey has placed and will place any and all of the proceeds from tho sale of the Anoka Regional Sanitary Landfill into the Landfill Trust Fund; and WllEREAS, there are no existing contractual or legal obligations which would restrict thE; City of Ramsey's use of said proceeds; and WI !EREAS, it is the desire of the City Council of Ramsey, Minnesota to preserve intact the pr;n~-:ip¢d of the remaining proceeds from the sale of the Anoka Regional Sanitary Landfill. NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF RAMSEY, ANOKA. COUNTY, STATE OF MINNESOTA, as follows: i ) That the Finance Officer of the City of Ramsey is instructed to report separately 'lbo p~ir~cipal amount and the interest amount for the Landfill Trust Fund from Decembe~ 12, i9;~4. ;.'. ) That expenditures from the principal amount of the Landfill Trust Fund only be atdt,-orizod with a four-fifths vote of the City Council. 3) That no expenditure of the Landfill Trust Fund for operating purposes should be authorized unless the City Council first declares an emergency situation to exist (operating p~l~t')orCes in this case means non-capital costs). 4 ) }'hat up to 40% of the principal of the Landfill Trust Fund may be used as a source of fund:; 'ior interest free interfund loans. 5 ) That any loan or transfer of principal from the Landfill Trust Fund shall be approved by a iour-fifths vote of the City Council. The motion lot it~} ;~doption of the foregoing resolution was duly seconded by Councilmember Cich and upon vo'[(: boing taken thereon, the following voted in favor thereof: