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earnings have reestablished the principal at an amount equal to that existing before the expenditures <br /> plus ten percent of the investment earnings that would have been earned per year if the principal had <br /> not been reduced. <br /> Subd. 4. Funding Preference. Expenditures from the fund for competing projects shall be <br /> granted in the following order of preference: <br /> A. First Priority: Prior to the retirement of the bonds used to fund the 1992 City <br /> facilities project,the first priority will be funding$130,000 of the debt service on the City facilities <br /> bonds. <br /> B. Second Priority:Projects which can be funded within the amount of the available <br /> investment earnings. <br /> C. Third Priority: Projects using expenditures from principal funds which have the <br /> capacity to repay the principal amount borrowed. <br /> D. Fourth Priority: Projects using expenditures from principal funds which have no <br /> other reasonable funding source, are non-revenue producing, require significant funding, and will <br /> provide otherwise unattainable community benefit. <br /> Subd. 5. Funding Procedure. Expenditures from the fund, other than those related to the <br /> debt service on the 1992 City facilities project,listed as the first funding priority above,may be made <br /> only after compliance with the following procedure: <br /> A. The project to be funded must have been included for at least two years in the <br /> city's formally-adopted capital improvement program. <br /> B. The City Council must hold a public hearing on whether the proposed project <br /> should be funded. Notice specifying the date,time and place of the hearing,the proj ect to be funded, <br /> and the amount of funding must be published at least ten days before the hearing in the city's official <br /> newspaper. <br /> C. The City Council must make the following findings which shall be incorporated <br /> into an adopted resolution: <br /> 1. The project has sufficient community-wide benefit as determined by a <br /> review of its intended users,the degree to which it addresses a community-wide need or problem, <br /> and its consistency with other city goals,programs or policies. <br /> 2. The proj ect to be funded could not occur but for the use of the Community <br /> Investment Fund. <br /> 3. The Community Investment Fund is not replacing the funding from another <br /> previously programmed or available source. <br /> Page 2 of 3 <br />