CHAPTER I. ADMINISTRATIONCHAPTER I. ADMINISTRATION\ARTICLE 8. REVENUE, FINANCE & COMMUNITY DEVELOPMENT

(a)   In accordance with the provisions of K.S.A. 12-1,117, there is hereby established a municipal equipment reserve fund, which shall be used by the city to finance the acquisition of equipment necessary for the performance of various functions and services of the city. For the purpose of this section, the word equipment shall mean machinery, vehicles and other equipment or personal property which has an estimated future purchase or replacement cost in excess of Two Thousand Five Hundred Dollars ($2500.00) and a life expectancy of not less than three (3) years.

(b)   It is the policy objective of the Governing Body that such equipment reserve fund shall be used as a financing mechanism to secure the planned and orderly acquisition and replacement of equipment necessary for the efficient and effective operation of the city. It is the further intent of the Governing Body to annually approve in the future the budgeting of current revenues sufficient:

(1)   To finance the acquisition of new equipment needed in the following year.

(2)   To finance needed future replacements and acquisitions by setting aside a reserve amount.

(c)   The City Administrator shall annually submit, at the same time as the proposed annual budget is submitted to the City Council, a list of equipment acquired during the past calendar year. The proposed annual budget may include a transfer of not greater than Five Thousand Dollars ($5000.00) per month to the Equipment Fund for each budget year until a ceiling of One Hundred Twenty Thousand Dollars ($120,000.00) is reached. When the fund reaches its maximum required status, no further funds are to be transferred. Should the city expend any portion of the Equipment Fund to reduce it below the maximum required status, the city shall transfer monthly from the General Fund to the equipment Fund to bring it once again to the required status, as long as the General Fund has the funds budgeted for transfer.

(d)   Moneys in the equipment reserve fund shall be invested in accordance with the provisions of K.S.A. 10-131 and amendments thereto, with interest earnings credited to such fund.

(a)   In accordance with the provisions of K.S.A. 12-1,118 of the Kansas Statutes Annotated, there is hereby established a municipal capital improvements fund, which shall be used by the city to finance, in whole or in part, any public improvement need set forth in the city’s capital improvement plan.

(b)   It is the policy objective of the Governing Body that such capital improvements fund shall be used as a financing mechanism for the repair, restoration and rehabilitation of existing public facilities. It is the further intent of the Governing Body to utilize current revenues to be credited to the fund, to the maximum extent possible to meet the city’s present and future public infrastructure needs and to avoid the costs of unnecessary indebtedness.

(c)   Moneys in such fund may be used to pay the cost of engineering and other advanced public improvement plans and studies, with the fund periodically reimbursed from fond proceeds, special assessments or state or federal aid that may be available for the completed project.

(d)   The city administrator shall submit to the governing body a plan of operation for the implementation of this section. Said plan of operation shall be submitted at the same time that the propose budget is submitted and shall include a five (5) year outline of proposed capital improvements and a proposed means to finance those improvements.

(e)   Moneys in the capital improvements fund shall be invested in accordance with the provisions of K.S.A. 10-131 and amendments thereto, with interest earnings credited to such fund.

(a)   There is hereby established a municipal economic development fund, which shall be used by the city to finance and maintain property under the city’s control for economic development purposes.

(b)   It is the policy objective of the Governing Body that such economic development fund shall be used as a financing mechanism for the collection and disbursement of money in connection with property under the control of the City of Minneapolis and located in the city’s industrial parks. It is the further intent of the Governing Body to annually approve in the future the budgeting of current revenues sufficient:

(1)   To finance the acquisition of new equipment needed in the following year;

(2)   To finance needed future improvements;

(3)   To finance future economic development;

(4)   To pay existing debt associated with the above described property.

(c)   Moneys in the economic development fund shall be invested in accordance with the provisions of K.S.A. 10-131 and amendments thereto, with interest earnings credited to such fund.

(a)   The following are designated as main trafficways of the city pursuant to K.S.A. 12-685 et seq. for purposes of bond financing certain improvements:

(1)   Rock Street from First Street to Tenth Street;

(2)   Second Street from Mill Street to Third Avenue;

(3)   Third Street from Mill Street to Rock Street;

(4)   Rothsay Avenue from Laurel Street to Tenth Street;

(5)   Concord Street from First Street to Third Street;

(6)   Sheridan Street from First Street to Third Street;

(7)   Ottawa Street from First Street to Third Street;

(8)   First Street from Mill Street to Rothsay Avenue;

(9)   Laurel Street from Rothsay Avenue to the East city limits;

(10) Tenth Street from Rock Street to the East city limits;

(11) Fifth Street from Third Avenue to Mill Street;

(12) Third Avenue from Second Street to Tenth Street;

(K.S.A. 12-685 et seq.; Code 2016)