Section 10.10

 Subd 1.  ESTABLISHMENT.  There is hereby created a for the City of Tracy, Minnesota and Infrastructure Replacement Reserve Fund pursuant to Minn. Stats. 471.572 hereinafter referred to as the reserve fund.

 
Subd 2.  PURPOSES.  The reserve fund shall be used only for the replacement of streets, bridges, curbs, gutters, sidewalks, trees and storm sewers. 

 

Subd 3.  TAX LEVY.  The City of Tracy may annually levy a property tax for the support of the reserve fund.  The proceeds of taxes levied for its support shall be paid into the reserve fund.  Any other revenue from a source not required by law to be paid into another fund for purposes other than those provided for the use of the reserve fund may be paid into the reserve fund. 

Subd 4.  TAX LEVY RESOLUTION AND PUBLICATION.  Before a property tax is levied under this Ordinance, the Tracy City Council shall publish in the official newspaper of the City of Tracy an initial resolution authorizing the tax levy. 

Subd 5.  REQUIRED VOTE ON TAX LEVY.  If within ten days after the publication of the resolution, a petition is filed with the Tracy City Clerk/Administrator requesting an election on the tax levy signed by a number of qualified voters greater than ten percent of the number who voted in the City of Tracy at the last general election, the tax shall not be levied until the levy has been approved by a majority of the votes cast on the question of said tax levy at a regular or special election.  

Subd 6.  TERMINATION OF RESERVE FUND.  The Tracy City Council may terminate the reserve fund at any time by repeal of this Ordinance.  

Subd 7.  USE OF RESERVE FUND BALANCE.  Upon termination of the reserve fund any balance shall be irrevocably appropriated to the debt service fund of the City of Tracy to be used solely to reduce tax levies for or bonded indebtedness of the City of Tracy.  If the City of Tracy has no bonded indebtedness, the reserve fund balance shall be used for future capital improvements authorized by this Ordinance.