03-13-2000 Council Packet - Laserfiche WebLink

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'FEB-14-2000 09:24 MU^NETOMKA LEGFiL DEPT.6129399248 P.02'08 1210.00 ) ) „ . (added 4/24/89Section 1210 ~ Coirenunity Investment Fund Ord. 89-553) 1210.00. Fund Created. There is hereby created a separate fund to be designated as the Community Investment Fund. This fund shall be maintained in the official city records and administered by the Treasurer in accordance with the provisions of this section. All surplus moneys in each separate improvement fund in the Improvement Bond Redemption Fund which remain after the costs of each improvement have been fully funded# and which are not transferred to another separate improvement ^'ind, shall be transferred to the Community investment Fund. In addition, the following shall be deposited in this fund: (a) All collections of special assessments and taxes levied for the payment of the costs of an improve ment which are received after the improvement costs have been fully funded, (b) Investment earnings generated by the moneys in the Community Investment Fund# and (c) Any other moneys appropriated by the Council or donated for the purposes of the fund. The principal of tha fund shall consist of all transfers from the Improvement Bond Redemption Fund, subsequent collections of special assessments and taxes, and other moneys appropriated or donated to the fund. In addition, the principal shall be increased annually by an amount equal to ten percent of the investment earnings generated by the fund in the previous year. The remaining investment earnings shall not accrue to the principal and shall forever be treated as investment earnings available for expenditure in accordaince with this section. 1210.05. Purpose of Fund. This fund shall be used solely to pay the capital costs of projects of general benefit to the City of Minnetonka. 1210.10. Expenditure Limitations. (a) Expenditures from the fund shall be made solely from accumulated investment earnings until 1993. In 1993 and beyond, expenditures shall be made only from accumulated investment earnings whenever possible. (b) Expenditures may be made from principal, but may not exceed an amount greater than the equivalent of the fund's investment earnings for the prior two consecutive years. Z£ expenditures from principal are mada, either they must be structured as a loan to rapay the principal, or no further expenditures of any kind may be made from the fund until investment earnings have raastablished the - 338C -