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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 #25-12 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 Chapter 2. Article VI. Division 3; <br />Section 2-306. and replaces it with a new Section 2-306. Section 2-306 is a section required by <br />the City Charter. This section establishes the various City Funds used for the deposit and <br />disbursement of City monies. This section further defines the policies of each Fund and how it is <br />to be administered. <br />SECTION 3. EFFECTIVE DATE <br />This Ordinance becomes effective upon publication, subject to City Charter, Chapter 5.07. <br />PASSED by the City Council this the day of December, 2025. <br />ATTEST: <br />City Clerk <br />Mayor <br />Page 12 of 12 <br />