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• annual interest earnings to the General Fund to partially reduce the necessary tax levy. <br /> This Fund has been formally categorized by the Council as a permanent fund, whereby <br /> only the interest proceeds are used each year for the stated purpose. The original <br /> principal amount remains intact <br /> Implementation <br /> All fund reserves shall be reviewed each year at the time of the annual budget preparation for the <br /> purpose of complying with this policy. Budgets shall be prepared on an "All Resources" basis, <br /> so that the City Council and Community can readily discern the current and projected <br /> management of all reserves. <br /> The motion for the adoption of the foregoing resolution was duly seconded by Member IhIan <br /> and upon a vote being taken thereon, the following voted in favor thereof: Pust, Roe, Ihlan, <br /> Kough and Klausing. <br /> and the following voted against the same: none. <br /> WHEREUPON,said resolution was declared duly passed and adopted. <br /> • <br /> • <br />