Resolution - #93-07-139 - 07/13/1993

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I I I I I I I ! I I$ i I I I I I 1o Councilmem~r Peterson introduced the following resolution and moved for its adoption: RESOLUTION #93-07-139 RESOLUTION AUTHORIZING THE ESTABLISHMENT OF FUND #815 WITHIN 'THE CITY'S FINANCIAL SYSTEM AND DESIGNATING THE ALLOCAT~DN. OF FUNDS RECEIVED FROM THE LANDFILL CLOSURE/POST CLOSURE. DEDUCTION SETTLEMENT WHEREAS, at the May 12, 1993, City Council and Staff Work Session, members of staff and Council identified the proceeds from a pending landfill settlement as a possible source for funding econarnie~development activity within the City of Ramsey; and WHE~REAS, at the City's Finance Committee meeting of June 8, 1993, the Finance Committee mas advised the settlement funds in the amount of Three HUndred Seventy-Five Tho.usand TW~ H~indred Seventy-Seven and No/100 Dollars ($375,277.00) were deposited to the City s money market account that day; and WHEREAS, this deposit represented the funds received from Waste Management in settlement of:~enfling litigation involving a closure/post closure deduction made from monthly payments due ~to the City of Ramsey; and WHEREAS, staff recommended and the Finance Committee concurred that the portion of this settle~nt that represented deductions for the landf'lll activity from 1985 through 1991, for which the pfifl~cipal and interest settlement totals One Hundred Sixty Four Thousand Ninety-three and No/100 d~ llars ($164,093.00) be placed in a new City fund established for the purpose of funding eeono~xfiedevelopment activity within the City of Ramsey; and WHEREAS, staff further recommended and the Finance Committee concurred that the remaining settlement amount of Two Hundred Eleven Thousand One Hundred Eighty-four and No/100 Doll,s ($211,184.00) be credited to the City's existing Fund #803 which is the Landfill Expendable Ti'ust Fund. NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF ~HE CITY OF RAMSE~Y, ANOKA COUNTY, STATE OF MINNESOTA, as follows. 1) That tl~e City Council hereby authorizes establishment of a new City Fund #815 entitled Econoflaic:Development Activity Fund for the purpose of accounting for all revenues and expenditures associated with City economic development activities within the City of Ramsey. 2) That t~e ~ty Council directs the Finance Officer to credit the sum of One Hundred Sixty Four T~ousand Ninety-three and No/100 dollars ($164,093.00) from the landfill settlement proc~ ~ls to this newly established fund. 3) Thatfl amour ($211, Fund. e ~ty Council directs the Finance Officer to credit the remaining settlement in the : of Two Hundred Eleven Thousand One Hundred Eighty-four and No/100 Dollars 184;00) to the City's existing Fund #803 which is entitled Expendable Landfill Trust