Laserfiche WebLink
(1) Lodging tax per Section 27.02 of City Code; and <br />(2) 3% of monthly lodging tax will be retained and the remainder forwarded to <br />Minnesota Metro North Tourism; and <br />(3) Interest Earnings on the Lodging Tax Fund from the distribution of pooled interest <br />earnings <br />(c) Expenditures shall consist of the following uses: <br />(1) 95% of proceeds shall be used in accordance with Minnesota Statutes 469.190 to <br />fund a local convention, tourism, or visitor's bureau for the purpose of marketing <br />and promoting the City as a tourist or convention center (Per Section 27.14 of City <br />Code) <br />(d) This fund is eligible for inter -fund loans. <br />c. Debt Service Funds. (Funds 9300-9399) Debt Service funds are used to account <br />for the accumulation of resources for, and the payment of, general long term debt <br />principal and interest. <br />1. The City shall maintain one Debt Service Fund with individual fund activities <br />created by staff on an as needed basis as required by Minnesota Statutes regarding <br />debt issuance. Each debt issue shall be treated as a separate fund activity under one <br />main Debt Service Fund. All assets, liabilities, fund equity, payments, and revenues <br />shall be maintained as separate accounts for each activity. <br />2. These funds are not eligible for inter -fund loans. However, after retirement of the <br />bonds, these funds will be used to reduce debt service of outstanding debt. <br />d. Capital Project Funds. Capital Project Funds shall be used to account for <br />financial resources to be used for the acquisition or construction of major capital <br />facilities (other than those financed by Proprietary Funds and Trust Funds). The <br />following are the City's Capital Project Funds: <br />1. Municipal State Aid Construction Fund (MSA) (Fund 9402) <br />(a) The MSA Fund shall be used to account for state -aid allotments used by the City <br />for improvement projects to thoroughfare streets designated as MSA streets within <br />the City. <br />(b) Funding shall consist of the following sources: <br />(1) Annual MSA allotments; and <br />(2) Interest earnings on the MSA Fund from the distribution of pooled interest earnings. <br />(c) Expenditures shall consist of the following uses: <br />(1) For the annual payment of debt principal and interest for State -Aid street projects <br />that were financed with General Obligation debt; and <br />Ordinance #25-12 <br />Page 6 of 13 <br />