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) <br />) <br />FEB-14-2000 09:24 ninnetonkh leCihl dept.6129393243 P.02'?)6 <br />1210.00 <br />Section 1210 - Community Invaitwent Fund ^Sy^ordyis-sls) <br />1210.00. Fund Created. There is hereby created a separate <br />fund to be designated as the Community Investment Fund. This <br />fund shall be maintained in the official city records <br />administered by the Treasurer in accordance with the provisions <br />of this section. All surplus moneys in each separate improvement <br />fund in the Improvement Bond Redemption Fund which remain after <br />the costs of each improvement have been fully funded# and which <br />are not transferred to another separate improvement fund# shall <br />be transferred to the Community investment Fund. In addition# <br />the following shall be deposited in this fund: <br />(a)All collections of special assessments and taxes <br />levied for the payment of the costs of an improve­ <br />ment which are received after the improvement costs <br />have been fully funded# <br />(b)Investment earnings generated by the moneys in the <br />Community Investment Fund, and <br />(c)Any other moneys appropriated by the Council or <br />donated for the purposes of the fund. <br />The principal of the fund shall consist of all transfers from <br />the Improvement Bond Redemption Fund, subsequent collections of <br />special assessments and taxes# and other moneys apprrpriated or <br />donated to the fund, in addition# the principal shall be <br />increased annually by an amount equal to ten percent of the <br />investment earnings generated by the fund in the previous year. <br />The remaining investment earnings shall not accrue to the <br />principal and shall forever be treated as investment earnings <br />available for expenditure in accordeuice with this section. <br />1210.05. Purpose of Fund. This fund shall be used solely to <br />pay the capital costs of projects of general benefit to the City <br />of Minnetonka. <br />1210.10. Expenditure Limitations. <br />(a)Expenditures from the fund shall be made solely from <br />accumulated investment earnings until 1993. In 1993 and <br />beyond, expenditures shall be made only from accumulated <br />investment earnings whenever possible. <br /><b)Expenditures may be made from principal# but may not <br />exceed an amount greater than the equivalent of the fund's <br />investment earnings for the prior two consecutive years. <br />l£ expenditures from principal are made# either they <br />must be structured as a loan to repay the principal# or <br />no further expenditures of any kind may be made from <br />the fund until investment earnings have reestablished the <br />-33BC -