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Article 6. Sale of Long Lake Park <br />Sec. 2-160. General Conditions. <br />The City Council has determined that revenues derived from the sale of the Long Lake Park lands and the <br />interest generated by the investment of those revenues shall be used in a manner consistent with the <br />purpose of the 1967 Park Bond issue. (Ord. No. 507, 6-14-83; Code of 2001) <br />Sec. 2-161. Management of the Proceeds. <br />The following terms shall apply in the management of the sale proceeds: <br />(1) The principal shall be deposited in an interest earning account and shall not be reduced. <br />(2) Procedures established in this Section may not be changed except by a 4/5 vote of the Council. <br />(3) The Parks, Recreation, and Environmental Commission shall be given an opportunity to review and <br />comment on proposed changes to this Article. <br />(4) Interest earned from the investment of the proceeds shall be expended in the following manner: <br />A. The Parks Capital Improvement Fund shall be reimbursed for the Long Lake Park attomey <br />fees charged to that account. <br />B. The General Fund shall be reimbursed from the Proceeds Fund for expenses incurred in the <br />operation and maintenance of Long Lake Regional Park. <br />C. Interest from the Proceeds Fund which is not expended in the previously described manner <br />shall be used in the Parks Capital Improvement Fund as a fust priority and then for expenses of <br />the Parks and Recreation Department as a second priority. (Ord. No. 507, 6-14-83; Ord. No. 610, <br />12-13-94; Code of 2001) <br />Sees. 2-162--2-169. Reserved. <br />2-22 <br />