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FEB-14-2000 09:24 MINtETOlKA LEGAL DEPT.6129398248 P.03 06 <br />1210.15 <br />principal at an amount equal to that existing before <br />the expenditures plus ten percent of the investment <br />earnings that would have been earned per year if the <br />principal had not been reduced. <br />1210.15. Funding Preference. Expenditures from the fund <br />for competing projects shall be granted in the following order of <br />preference: <br />(a)First Priorityx Projects which can be funded within <br />amount of the available investment earnings. <br />(b)Second Priority: projects using expenditures from <br />principal funds which have the capacity to repay the <br />principal amount borrowed. <br />(c)Third priorityx Projects using expenditures from <br />principal funds which have no other reasonable funding <br />source, are non-revenue producing, require significant <br />funding# and will provide otherwise unattainable community <br />benefit. <br />1210.20. Funding Procedxire. Expenditures from the fund may <br />be made only after con^lianee with the following procedure: <br />(a)The project to be funded must have been included for at <br />least two years in the city's formally-adopted capital <br />improvement program. <br />(b)The City Council must hold a public hearing on whether <br />the proposed project should be funded. Notice specifying <br />the date# time and place of the hearing# the project to be <br />funded# and the amount of funding must be published at <br />least ten days before the hearing in the city's official <br />newspaper. In addition# efforts shall be made to. give <br />notice to the community through other reasonable means# <br />such as newspaper articles# cable television and any city <br />newsletter. The public hearing must be held on two separate <br />days at least 30 days apart. The date and time of the <br />second meeting shall be announced at the first. <br />(c)The City Council must make the following findings which <br />shall be incorporated into an adopted resolution: <br />(1)The project has sufficient community-wide benefit <br />as determined by a review of its intended users# the <br />degree to which it addresses a community-wide need or <br />problem# and its consistency with other city <br />goals# programs or policies. <br />(2)The project to be funded could not occur but for <br />the use of the Community Investment Fund. <br />(3)The Community Investment Fund is not replacing <br />funding from another previously programmed or <br />available source. <br /># <br />(4)The project has been included in at least two