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(b) This These funds is are not eligible for inter -fund loans. <br />b. Nonexpendable Trust Funds. Non -expendable Trust Funds are funds whose <br />principal must be preserved intact. These funds are intended to account for the <br />principal portion of an endowment provided to the City by private donors with the <br />stipulation that the principle be preserved intact. The following are Nonexpendable <br />Trust Funds: <br />1. Agency Funds. <br />(a) Agency Funds shall be custodial funds (assets equal liabilities) and do not involve <br />measurement of operations. Agency Funds are merely clearing accounts and have <br />no fund equity. <br />Subdivision 4. Account Groups <br />a. General Fixed Asset Account Group. <br />The General Fixed Asset Account Group shall be used to account for tangible assets <br />of significant value, which have a service life in excess of one year and are not <br />accounted for in a proprietary fund type. <br />b. 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 />Subdivision 5. Inter -Fund Loans. Inter -fund loans are transfers from one fund to another <br />with the intentions of repayment of principal or principal and interest. All inter -fund loans <br />shall be approved by City Council resolution. Such resolution shall state the amount of the <br />inter -fund loans, the interest rate, where applicable, and the repayment period. <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 />SECTION 2. SUMMARY <br />The following is the official summary of Ordinance 1116 05 #25-12 which has been approved by <br />the City Council of the City of Ramsey as clearly informing the public of the intent and effect of <br />the Ordinance. The Ordinance repeals the existing City Code Sion 3.19 Chapter 2. Article VI. <br />Division 3; Section 2-306 and replaces it with a new Section 3:49 2 306. Section 3,40 2 306 is a <br />section required by the City Charter. This section establishes the various City Funds used for the <br />deposit and disbursement of City monies. This section further defines the policies of each Fund <br />and how it is to be administered. <br />SECTION 3. EFFECTIVE DATE <br />This Ordinance becomes effective upon thirty (30) days after ita ra age publication subject to <br />City Charter, Chapter 5.07. <br />PASSED by the City Council this the 24'h day of May, 294-6. <br />Page 13 of 14 <br />