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