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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 <br /> the 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 attorney <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 first 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 /> Secs. 2-162--2-169. Reserved. <br /> 2-21 <br />