211.1.1 CREATION OF FUND.
A fund is hereby created for capital outlays for public improvements under the provisions of that certain act of the legislature of the State, entitled "An Act to provide for the levy and collection of taxes and assessments for the purpose of creating a fund for capital outlays by cities, counties, cities and counties, or districts", approved July 1, 1937, and being Chapter 717 of the Statutes of 1937, as amended.
211.2.1 DESIGNATION; RESTRICTIONS AS TO DISBURSEMENTS.
The fund created by the preceding Article shall be known as the Special Fund for Capital Outlays. Such fund shall remain inviolate for the making of such capital outlays as the City Council shall direct to be made from such fund. No moneys shall be disbursed therefrom for any other purpose, excepting upon consent of the electors obtained as provided in such act, as amended.
211.2.2 TAXES LEVIED TO RAISE MONIES PERMITTED; LIMITATION UPON LEVIES.
Taxes may be levied upon the taxable property in the City for the raising of monies for the Special Fund for Capital Outlays, but no levies so made shall exceed the limitations imposed by the general laws of the State upon the right of the City to impose taxes, without the assent of two-thirds (2/3) of the qualified electors of this City voting at any general or special election at which such proposition may be submitted.
211.2.3 TRANSFERRAL OF MONIES TO FUND.
The City Council may transfer to the Special Fund for Capital Outlays any unencumbered surplus funds remaining on hand in the City at the end of any fiscal year.