90-7610R70
RESOLUTION N0. 7610
A RESOLUTION ESTABLISHING A CAPITAL IMPROVEMENTS RESERVE FUND
WHEREAS, the City of Richfield has Capital Improvement
funding requirements including replacement of existing assets
within the City, and
WHEREAS, is advisable to maintain a Reserve Fund to provide
for those expenditures, and
WHEREAS, it is recognized that it is also necessary for the
City to maintain a cash balance, which will provide adequate
funding for cash flow and emergency expenditures, and
WHEREAS, it is advisable to establish procedures to assure
that Capital Improvement Reserve Funds are properly utilized..
NOW, THEREFORE be it resolved by the City of Richfield as
follows:
Section 1. That a Capital Improvement Reserve Fund is hereby
established.
Section 2. That amounts be transferred into this Fund from the
General Fund, from time to time, as authorized by the
City Manager.
Section 3. Cash within the Capital Improvement Reserve shall be
maintained with the General Fund cash for purposes of
maintaining appropriate cash flow availability.
Section 4. Interest earnings from such Capital Improvement
Reserve Fund shall be credited to the General Fund.
Section 5. Expenditures from this fund may not be made unless
the following conditions are met:
A. Certification by the City Treasurer that expenditure of
the funds will not impair the ability to maintain
adequate cash balances within the General Fund.
B. Certification by the City Treasurer that sufficient funds
are available to meet emergency requirements.
C. City Council authorization.
D. Compliance with City Charter and applicable State laws.
E. All transfers to and from the Capital Fund. will be
reported by the City Manager to the City Council within
seven days.
APPROVED by the City Council of the fZity of
12 day of March, 1990. ~~ ~
Attest:
~/!J~~KGiD / ' ,~
Thomas Ferber, City Clerk
Ste~f'en J.
Mayor
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