[HISTORY: Adopted by the Village Board of the Village of Superior 11-13-2014. Amendments noted where applicable.]
There is hereby established in the Village of Superior, Wisconsin, a fund separate and distinct from every other fund, and designated as the Village of Superior Rainy Day Fund. The initial source of said fund shall be such monies, or securities, as received as payment for the pipeline right-of-way.
The Village shall designate by order or policy an officer, employee, or agent of the Village who shall be responsible for keeping a separate record, related to such fund, including an accurate account of the transactions, investments, earnings and expenditures, and shall make a report at least annually to the Village Board, or as requested from time to time.
All interest or income earned by said fund on its investments shall, when it accrues, be added to said fund to augment the same for the purposes for which said fund is provided.
Said Rainy Day Fund, principal, or any part thereof, may be expended only after such time as the Rainy Day Fund principal equals or exceeds the previous year's Village Tax Levy except that the fund may be used to borrow or remove from principal, up to $8,000 on or about May 1, 2015, in an amount equal to the money generated by the Park/Recreation Fund raised by the Park/Recreation Committee.
Rainy Day Fund amounts exceeding the previous year's levy may be used for emergencies and Village of Superior improvements. Any such funds not so used shall remain in the Fund.
In accordance with Wis. Stat. § 61.61, the Village Board may borrow against the Fund account at any time it is deemed necessary for an emergency and may be repaid in a timely manner from the General Fund. Borrowing from the fund shall only take place after 90 calendar days upon notice by the Village Board of the intent to do so. The notice of intent shall be placed on the agenda of two regularly scheduled monthly meetings, and one public hearing shall be held between the two regularly scheduled meetings.
Investment of the fund shall be invested in authorized investments and in accordance with § 66.0603, Wis. Stats.
The Village Board shall be authorized to employ the services of a brokerage account manager; provided, however, the Village Board shall consider the services of not less than two such prospective account managers. Such brokerage account managers shall be approved by the State of Wisconsin.