Laserfiche WebLink
ORDINANCE NO. 196 , SECOND SERIES <br /> AN ORDINANCE AMENDING THE ORONO CITY CODE <br /> TO ESTABLISH A CONIMUNITY INVESTMENT FUND <br /> THE CITY OF ORONO, MINNESOTA DOES ORDAIN: <br /> SECTION 1. The following language is hereby added to the Orono City Code as <br /> Section 2.8 - Community Investment Fund. <br /> SEC. 2.8. COMMUNITY INVESTMENT FUND. <br /> Subd. 1. Fund Created. There is hereby created a separate fund to be designated as <br /> the Community Investment Fund. This fund shall be maintained in the official city records and <br /> administered by the Treasurer in accordance with the provisions of this section. All money�'in the <br /> Building Outlay Fund shall be transferred to the Community Investment Fund. In addition, the <br /> following shall be deposited in this fund: <br /> A. Investment earnings generated by the moneys in the Community <br /> Investment Fund, and <br /> B. Any other moneys appropriated by the Council or donated for the purposes <br /> of the fund. <br /> The principal of the fund shall consist of all transfers from the Building Outlay Fund and other <br /> moneys appropriated or donated to the fund. In addition,the principal shall be increased annually <br /> by an amount equal to ten percent of the investment earnings generated by the fund in the previous <br /> year. The remaining investment earnings shall not accrue to the principal and shall forever be treated <br /> as inve�tment earnings available for expenditure in accordance with this section. <br /> Subd. 2. Purpose of Fund. This fund shall be used solely to pay the capital costs of <br /> projects of general benefit to the City of Orono. <br /> Subd 3. Expenditure Limitations. <br /> A. Expenditures from the fund shall be made only from accumulated <br /> investment earnings whenever possible. <br /> B. Expenditures may be made from principal,but may not exceed an amount <br /> greater than the equivalent of the fund's investment eamings for the prior two consecutire yeazs. <br /> If expenditures from principal are made, either they must be structured as a loan to repay the <br /> principal, or no further expenditures of any kind may be made from the fund until investment <br /> Page 1 of 3 <br />