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earnings have reestablished the principal at an amount equal to that existing before the expenditures <br />plus ten percent of the investment earnings that would have been earned per year if the principal had <br />not been reduced. <br />Subd. 4. Funding Preference. Expenditures from the fund for competing projects shall be <br />granted in the following order of preference: <br />A. First Priority: Prior to the retirement of the bonds used to fund the 1992 City <br />facilities project, the first priority will be funding $130,000 of the debt service on the City facilities <br />bonds. <br />B. Second Priority: Projects which can be funded within the amount of the available <br />investment earnings. <br />C. Third Priority: Projects using expenditures from principal funds which have the <br />capacity to repay the principal amount borrowed. <br />D. Fourth Priority: Projects usmg expenditures from principal funds which have no <br />other reasonable funding source, are non-revenue producing, require significant funding, and will <br />provide otherwise unattainable conununity benefit. <br />Subd. 5. Funding Procedure. Expenditures from the fund, other than those related to the <br />debt service on the 1992 City facilities project, listed as the first funding priority above, may be made <br />only after compliance with the following procedure: <br />A. The project to be funded must have been included for at least two years in the <br />city's formally-adopted capital improvement program. <br />B. The City Council must hold a public hearing on whether the proposed project <br />should be funded. Notice specifying the date, time and place of the hearing, the project to be funded, <br />and the amount of funding must be pid)lished at least ten days before the hearing in the city's official <br />newspaper. <br />C. The City Council must make the following findings which shall be incorporated <br />into an adopted resolution: <br />1. The project has sufficient community-wide benefit as determined by a <br />review of its intended users, the degree to which it addresses a community-wide need or problem, <br />and its consistency with other city goals, programs or policies. <br />2. The project to be funded could not occur but for the use of the Community <br />Investment Fund. <br />3. The Community Investment Fund is not replacing the funding from another <br />previously programmed or available source. <br />Page 2 of3 <br />L -k-l./l s. . i«.w........................... A. -.