§ 315.07. Permanent improvement revolving fund.

Subdivision 1. Establishment. There is hereby created and continued a permanent improvement revolving fund (PIR Fund) of the City, separate and apart from all other funds of the City. The purpose of the PIR fund is to finance local improvements.

Subd. 2. Source of funds. The PIR fund is a permanent fund of the City, and the monies necessary for its maintenance shall be provided by taxation, by the appropriation of available monies from other funds of the City, or by the issuance and sale of general obligation permanent improvement revolving fund bonds of the City as deemed necessary from time to time by the Council.

Subd. 3. Disposition of funds. The monies in the PIR fund shall be used only as directed by resolution of the City and for the purposes of (i) advancing to local improvement funds the cost of improvements for which assessments are to be levied, and (ii) providing interim financing of capital expenditures for projects of the City or the City's housing and redevelopment authority. All such monies so furnished shall be restored when and as sufficient monies are received in said improvement funds or permanent project financing has been obtained, as the case may be, with interest at a rate to be set by the City Council at the time the loan is made during the time for which such monies have been so furnished. Notwithstanding the foregoing provisions of this subdivision, the proceeds of the PIR fund, in a total amount not to exceed $300,000.00, may be transferred to the capital improvement budget of the City by resolution of the City Council to provide funds for the acquisition and betterment of public safety facilities in the City. (Amended, Bill No. 2013-18)

Subd. 4. Investment when permitted. Whenever there shall be monies in the PIR fund not immediately needed for the purposes set forth in subdivision 3 of this Section, such monies may be invested at the direction of the Council in any securities authorized for investment of municipal debt service funds.