1949-10.07ti~
ORDINANCE N0, 10.07
AN ORDINANCEi CREATING A PERMANENT iMPRO0EMIINT
R'SOOLO~NG FUND OF THE OILI4~..GE OB' RICHFIELD.
The Oillage Council of the Oillage of Riahfiald, Hennepin County,
Minaesota do ordain as followsg
SECTION 1.- That is is hereby found, determined and declared that it is
necessary and expedient to create, and there is hereby created a Permanent
Improvameat Revolving Fund of the Oillage, to be held and administered by
the Treasurer separate and apart from all other funds of the Oillage for the
purpose of~financing local improvement for such assessments are to ba
levied.
SECTION 2. That said fund shall be a permanent fund of the Oillage, and
the moneys necessary fur the maintenance shall be provided by taxation, by
the appropriation of available moneys from other funds of the Oillage, and~or
by the issuance and sale of general obligation permanent improvement revoly-
ing fund bonds off' the 03llage, as determined by the Council from time to time.
SECTION ~. That the moneys in said fund shall be used only as directed
by resolution of the Oillage, and soley for the purpose of advancing to
local improvement funds the cost of improvements for which assessments
axe to be levied and all such moneys so furnished shall be restored when
and as soffit i~nt moneys era received in said improvement funds, with inter-
est at a rate of not less than five (~) percent per annum during the time
for which such moneys have been so furnished.
SECTION 4.- That when and as there shall be moneys in said fund not
immediately Headed for local, improvements, such moneys may be invested
under the direction of the Council in any securities authorized for the
investment of municipal sinking funds by law.
President of the Oillage Council
CLARENCE CHRISTIAN
,Attest
Sohn R~. Stewart, Clerk
5~