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<br />-~ <br /> <br />'.- <br /> <br />RESOLurrON NO. 90 - 2 5 <br /> <br />state of Minnesota <br />County of Ramsey <br />City of New Brighton <br /> <br />RESOLUl'ION AUTHORIZING APPROPRIATION OF INTEREST EARNINGS <br /> <br />Whereas, the City operates an investrrent program which allocates interest <br />earning based on a pro-rata share of each fnnd I s available cash; <br /> <br />Whereas, while this nay be desirable for accounting purposes, the rrethod <br />of allocation nay not meet all of the needs of developrent activities; <br /> <br />Whereas, the City is desirous of rraximizing its developrrent efforts; <br /> <br />Whereas, by earlier action of the Council and the State of Minnesota, <br />rules have been adopted to rranage the interest earned from taxes and bond <br />proceeds; <br /> <br />li'1hereas, the City believes that it is advantageous to have a policy for <br />the use of interest earning on the re:rrainder of developrrent incorre; <br /> <br />Whereas, the primary sources of the renaining developrrent incorre is from <br />land payments and leases; <br /> <br />Now, therefore be it resolved that: <br /> <br />1. On at least an annual basis the interest fran the rerraining ~ncome shall <br />be separated. <br /> <br />2. <br /> <br />The separated interest shall be transferred to the DE'!velopment Fund <br /> <br />I <br />i <br />#450. : <br />i <br />i <br /> <br />3. The income placed into the Developrrent Fund shall be used in accordance <br />with Chapter 2, Article VII of the City Code. This section of the COde <br />prescribes rules and regulations for the use of the Developrent Fund. <br /> <br />4. This Resolution shall be effective December 31, 1989. <br /> <br />Adopted this lOt h <br /> <br />day of <br /> <br />Ap r i 1. 1 Q Q 0 <br /> <br />~. <br /> <br />Robert J. e, Mayor <br /> <br />ATW.BT: <br /> <br />" ~~~1."" <br />Margaret A. Egan <br />Finance Director/ <br />City Clerk <br /> <br />~.& rn "C~~L~I <br /> <br />David M. Childs, City Manager <br />