HomeMy WebLinkAboutCity Council Ordinance 1994-09ORDINANCE NO. 94-
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AN ORDINANCE AMENDING THE CITY CODE
TO CREATE A CONIMUNITY IMPROVEMENT FUND
THE CITY COUNCIL OF THE CITY OF PLYMOUTH ORDAINS:
Sec. 1. The Plymouth City Code is amended to include a new Section 321 to read as follows:
321.01. Establishment of Fund. Pursuant to City Charter Chapter 7, Section 7.14, there is established
a fund to be known as "Community Improvement Fund."
321.03 Allocation of Monies to Fund. There shall be accumulated in such Community Improvement
Fund (1) surplus money from the various special assessment fonds that remain after the costs of each
improvement project have been fully funded and bonds issued for the project paid or defeased, and
which money has not been transferred to another separate improvement fund, (2) collections of special
assessments received after an improvement project has been fully funded and bonds issued for the
project paid or defeased, (3) investment earnings generated by the money in the fund, (4) any other
money appropriated by the Council or donated to the City for the purposes of the fund.
321.05. Use of Fund. Subdivision 1. Generally. The Community Improvement Fund shall be used
only when all of the following are met:
(a) The project has sufficient community wide benefit as determined by its intended uses,
addresses a community need or problem, and is consistent with other City goals,
programs and policies.
(b) The expenditure for the project is for an item of a capital nature.
(c) The Council has conducted a public hearing on the project.
(d) There has been an estimate prepared outlining the operating expenses and proposed
funding sources for the project for a five year period.
(e) Expenditures for a project in excess of three million dollars have been approved by a
majority of the votes cast in a regular or special election.
Subd. 2. Expenditures requiring 5/7ths Council Approval. Upon meeting the requirements of
Subdivision 1, expenditures from the Community Improvement Fund shall require at least five
affirmative votes of the Council, but shall not require voter approval, if the expenditure is for a project
that has been included in the Capital Improvement Program for at least the current year or is declared
to be an emergency, e.g., an "act of God" as that term is defined by generally accepted business
general liability insurance policies, and does not exceed three million dollars for any site or project
location.
Subd. 3. Expenditures requiring Maiority Council Approval. Upon meeting the requirements
of Subdivision 1, expenditures from the Community Improvement Fund shall require a simple majority
of votes of the Council, but shall not require voter approval, if the expenditure:
(a) is for a project that has been included in the Capital Improvement Program for at least
two years;
(b) is a loan from the Community Improvement Fund and must be repaid or is made with
the condition that no further expenditures from the Community Improvement Fund
shall be made until the principal is repaid plus ten percent of the investment earnings
that would have been generated on the principal at the previous amount; and
(c) expends a total amount of principal not to exceed an amount equal to the Community
Improvement Fund's investment earnings from the previous two calendar years prior
to the expenditure, not to exceed three million dollars for any site or project location.
Sec. 2. This ordinance is effective upon its passage in accordance with Section 110.11.
ATTEST:
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Mayor
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Published: Sun Sailor - June 111994
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