HomeMy WebLinkAboutCity Council Resolution 1988-382CITY OF PLYMOUTH
Pursuant to due call and notice thereof, a special meeting of the City Council of
the City of Plymouth, Minnesota, was held on the day of June , 1988.
The following members were present: _Mayor Schneider, Z.ouncilmembers Vasillou,
Ricker Zitur and Sisk
The following members were absent: None
ws• �** ttw
Councilmember Zitui introduced the following Resolution and moved its
adopt on:
RESOLUTION NO. 88-382
RELATING TO THE PERMANENT IMPROVEMENT
REVOLVING FUND OF THE CITY: DESIGNATING THE
USES THEREFORE; AND PROVIDING FOR ITS MAINTENANCE
WHEREAS, the City Council's Special Assessment Committee has reviewed the needs of the
City to provide funding for the repair and/or reconstruction of City streets; and
WHEREAS, the City Council has previously committed itself to the principle of
Infrastructure maintenance as a sound and prudent public responsibility; and
a .
WHEREAS, there exists now, and there is agIcipated to exist in the future, balances in
the City's debt service funds from various assessable public improvements which are in
excess in the amounts needed to pay principal interest when due on bonds of the City,
payable from such debt service funds; and
WHEREAS, the City's Special Assessment Committee in their report dated 3une 20, 1988,
has recommended that the Council establish a Public Improvement Revolving (PIR) fund in
order to further improve.the City's long-range fiscal management; and
WHEREAS, the City Council finds and determines that it is necessary and expedient for
the sound financial management of the City to establish a Public Improvement Revolving
(PIR) fund as recommended by the Special Assessment Committee.
NOW, THEREFORE, BE IT HEREBY RESOLVED BY THE CITY COUNCIL OF THE CITY OF PLYMOUTH,
MINNESOTA as follows:
1. The Public Improvement Revolving (PIR) Fund is hereby created and
established. The uses, maintenance and management of the PIA fund shall be
hereafter governed by the provisions of this resolution and subsequent
resolutions amendatory thereto.
2. The following shall be paid into the PIR Fund:
So The balance of amounts in the Public Works Reserve Fund and the
Infrastructure Replacement Reserve Fund shall be transferred to the
Infrastructure Replacement Reserve Account, and the balance of
amounts in the Storm Sewer Improvement Tax District Funds shall be
transferred to the respective Storm Sewer Improvement Tax District
Accounts.
PLEASE SEE PAGE TWO
Page two
Resolution No. 88-382
' b. Amounts remaining in any construction fund or debt service fund
established for an assessable public improvement, pursuant to
Minnesota Statutes, Sections 429.091, Subd. 4, when (1) all bonds
or other obligations payable from said construction or debt service
fund have been retired, and (2) anticipated collections of special
assessments and other revenues pledged to a construction or debt
service fund for an assessable public improvement are estimated by
the City Treasurer to be adequate to produce at least 5% in excess
of the amount needed to meet, when due, the principal and interest
payments on bonds issued to finance the improvement for which the
fund was established.
C. Any other amounts from time to time appropriated to the PIR fund by
the Council.
3. The PIR fund may be used for the following purposes, subject to the
provisions of this resolution;
a. The temporary financing of the cost of assessable public
Improvements pursuant to Minnesota Statutes, Chapter 429;
b. Loans to other City funds for any purpose other than operating
expenses;
C. Other lawful corporate purposes as'authorized herein.
4. Accounts. There shall be maintained in the PIR fund the following accounts:
a. The Public Improvement Account. Monies in this account shall be
usea to finance the cost Of assessable public improvements. Into
this account shall be paid all special assessments, interest
thereon, prepayments thereof, levied for such. Improvements. The
City Treasurer may establish several accounts within this account
for each improvement project so financed.
b. The Infrastructure Replacement Reserve Account. Monies in this
account shall be used to finance the cost of infrastructure
replacement, in accordance with the laws of Minnesota, Chapter 465,
Article 2, Section 14. This legislation authorizes the City .to
undertake the levying of property taxes for the replacement of
streets, bridges, curbs, gutters and any other capital improvement
authorized by the'aet.
C. The Permanent Improvement Account. Monies in this account may be
loaned or transferred to of er ty funds for any corporate purpose
other than operating expenses.
PLEASE SEE PAGE THREE
Page three
Resolution No. 88-382
d. The Storm Sewer Improvement Tax District Accounts. Monies in these
accounts shall be used to finance the cost for the construction or
maintenance of storm drainage facilities in each of the four Storm
Sewer Improvement Tax Districts within the City. Into these
accounts shall be paid- all taxes levied by the City Council,
pursuant to the laws of Minnesota, 1979, Chapter 303, Section 15.
These accounts are designated as the debt service funds established
by the City Code Section 725.
e. The Surplus Account. Monies in this account may be used for any
lawful corporate purpose, pursuant to appropriation by the Council.
5. Account Balance. The balance in the respective accounts shall be accounted
or�parateTy—and reported to the City Council annually in the City's Annual
Financial Report.
6. All loans, expenditures, and transfers from the PIR fund shall be authorized
by Council resolution after recommendation by the City Manager. The Manager
shall prepare and submit to the Council, prior -to September 1 of each year, a
detailed report of the condition of the PIR fund, together with his
recommendations for its use in the next ensuing fiscal year.
The motion for adoption of the foregoing Resolution was duly seconded by
Councilmiember Sisk , and upon vote being taken thereon, the
following voted In favor thereof: Mayor Schneider, Councilmembers Ricker,
Zitur and Sisk
The following voted against or abstained: Councilmember Vasillou
Whereupon the Resolution was declared duly passed and a opte