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~' ~- -;;:,'.'!' !.." ,," :I!.. - '..... ~ ' ii ORDINANCE NO 527 STATE OF MINNESOTA COUNTY OF RAMSEY CITY OF NEW BRIGHTON AN ORDINANCE AMENDING CHAPTER 2 OF THE NEW BRIGHTON CITY CODE BY THE ADDITION OF ARTICLE VII RELATING TO THE ESTABLISHMENT OF A DEVELOPMENT FUND AND GUIDELINES FOR ITS USE ;, The New Brighton City Council does ordain: i: SECTION 2-149 Declaration Of Intent To the extent practically and legally possible, the City shall maintain a Development Fund as a revolving fund which shall be used, in the discretion of the City Council, for the benefit of all projects and programs of the City presently existing or to be undertaken, and to such extent, the City shall endeavor to maintain the Development Fund as an ongoing active fund, and to the extent possible, provide for the replenishment of the Development Fund for monies disbursed therefrom in accordance with this ordinance. SECTION 2-150 Purpose ! ~ The uses of the monies in the Development Fund are intended for the following purposes: 1. To provide a Fund in support of the projects of the City which can allow the City the flexibility to respond when such projects require unexpected or interim financial assistance. 2. To provide a source of funding which can be used to avoid the need for or reduce the extent of long-term debt incurred in support of the City's projects and programs. 3. To provide a single depository for any short-term debt incurred to assist the City's programs and projects. 4. To centralize financial control of assisted projects and programs. 5. To provide a depository for monies received by the City in the futuure. 6. To facilitate the establishment of accounts including the following: a. Housing Account - Monies in this Account shall be used to promote the City's housing goals, especially the development of elderly housing. b. Project Account - This Account will be a depp~itory all monies not placed in the Housing Account. SECTION 2-151 Regulation And Process I I i I j ! i i ofl ! I I I , i I I I , I I I Use of the Development Fund and disb.ursement of any monies from any Account must adhere to the following: ,I 1. The expenditure of any monies from an Account for the purposes of that Account requires a four-fifths (4/5's) vote of the City Council. 2. The transfer of any monies between Accounts requires a Ii four-fifths (4/5's) vote of the City Council. 3. The removal of any monies from the Development Fund, I for Non-Development Fund purposes as outlined above, I requires a four fifths (4/5's) vote of the City Council. I 4. Any project or program to the financed using the I Development Fund must be within a project area as I defined in Minnesota Statutes Chapter 472(A) or 462. I 5. Development Fund monies should be adequately secured by I liens, ownership options, tax increment, security bonds, I guarantees, development agreements, and so forth. I I I I I I I I I I I ! I I, !! i