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RESOLUTION #$ 941 <br />A RESOLUTION TO ESTABLISH AN <br />• EMERGENCY CONTINGENCY ACCOUNT WITHIN THE GENERAL FUND <br />WHEREAS, the City of Orono is concerned that <br />emergencies may arise in the future over which it has no <br />control financially, and. <br />WHEREAS, the City of Orono wishes to lessen the <br />possible impact from said emergencies by establishing an <br />Emergency Contingency account within its General Fund, and <br />WHEREAS, the Emergency Contingency account is to <br />be restricted for use in a catastrophic situation or for <br />temporary emergency funding, and as such the account can only <br />be used as a short-term loan to other accounts or funds and <br />must be repaid with interest on a predetermined schedule <br />established when each loan is made, but in no case can a loan <br />be made for more than a twenty-four (24) month period. <br />NOW, THEREFORE, BE IT RESOLVED that:, <br />• 1. The Emergency Contingency account is hereby <br />established in the General Fund. <br />2. The Emergency Contingency account is to be <br />funded through a portion of the profits of the various <br />operating funds of the City. <br />3. The amount to be provided from the various <br />operating funds of the City is $30,000 annually in <br />so far as is possible each year. <br />Adopted by the City Council of the City of Orono, Minnesota <br />at a regular meeting held on September 13, 1978. <br />William B. Van Nest, Mayor <br />Attest: <br />Walter R. Benson, Clerk-Administrat r <br />