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> , <br />ORDINANCE NO. 196 . SECOND SERIES <br />AN ORDINANCE AMENDING THE ORONO CITY CODE <br />TO ESTABLISH A COMMUNITY INVESTMENT FUND <br />THE CITY OF ORONO, MINNESOTA DOES ORDAIN: <br />SECTION 1. The following language is hereby added to the Orono City Code as <br />Section 2.8 - Community Investment Fund. <br />SEC. 2.8. COMMUNITY INVESTMENT FUND. <br />Subd. 1. Fund Created. There is hereby created a separate fund to be designated as <br />the CommuniQr Investment Fund. This fund shall be maintained in the official city records ar,d <br />administered by the Treasurer in accordance with the provisions of this section. All money^in the <br />Building Outlay Fund shall be transferred to the Community Investment Fund. In addition, the <br />following shall be deposited in this fund: <br />Investment Fund, and <br />A. Investment earnings generated by the moneys in the Community <br />B. Any other moneys appropriated by the Council or donated for the purposes <br />of the fund. <br />The principal of the fund shall consist of all transfers from the Building Outlay Fund and other <br />moneys appropriated or donated to the fund. In addition, the principal shall be increased annually <br />by an amount equal to ten percent of the investment earnings generated by the fund in the previous <br />year. The remaining investment earnings shall not accrue to the principal and shall forever be treated <br />as investment earnings available for expenditure in accordance with this section. <br />Subd. 2. Purpose of Fund. This fund shall be used solely to pay the capital costs of <br />projects of general benefit to the City of Orono. <br />Subd 3. Expenditure Limitations. <br />A. Expenditures from the fund shall be made only from ?ccumulated <br />investment earnings whenever possible. <br />B. Expenditures may be made from principal, but may not exceed an amount <br />greater than the equivalent of the fund’s investment earnings for the prior two consecutive years. <br />If expenditures from principal are made, either they must be structured as a loan to repay the <br />principal, or no further expenditures of any kind may be made from the fund until investment <br />Page 1 of3