Chapter 3-3

The Revolving Fund in effect in the Water Division of the Public Works Department shall he continued in force and effect, and such additional revolving funds for various departments of the City may he created from time to time by resolution of the Council.

(§ 1, Ord. 519 N.C.S.)

Article 3. Sales Tax Revenue Fund

3-3.301 Created.

There is hereby created a fund to be designated as the “Sales Tax Revenue Fund”.

(§ 2, Ord. 36 C-M)

3-3.302 Deposits.

All moneys received from the State Board of Equalization derived from the sales and use tax pursuant to the provisions of Article 2 of Chapter 6 of this title shall be deposited in the Sales Tax Revenue Fund for the general use of the City as determined by the Council.

(§ 3, Ord. 36 C-M)

3-3.303 Expenditures.

The Council shall from time to time determine what portion of the Sales Tax Revenue Fund, or any other reserve funds, shall be transferred to the General Fund and/or the Capital Outlays Fund.

(§ 4, Ord. 36 C-M)

Article 4. Special Gas Tax Street Improvement Fund

3-3.401 Created.

To comply with the provisions of Article 5 of Chapter 1 of Division 1 of the Streets and Highways Code of the State, with particular reference to the amendments made thereto by Chapter 642, Statutes of 1935, there is hereby created in the City treasury a special fund to be known as the “Special Gas Tax Street Improvement Fund”.

(§ 1, Ord. 363 N.C.S.)

3-3.402 Deposits.

All moneys received by the City from the State pursuant to the provisions of the Streets and Highways Code of the State for the acquisition of real property or interests therein for, or the construction, maintenance, or improvement of streets or highways other than State highways, shall be paid into the Special Gas Tax Street Improvement Fund.

(§ 2, Ord. 363, N.C.S.)

3-3.403 Expenditures.

All moneys in the Special Gas Tax Street Improvement Fund shall be expended exclusively for the purposes authorized by, and subject to all the provisions of, Article 5 of Chapter 1 of Division 1 of the Streets and Highways Code of the State.

(§ 3, Ord. 363 N.C.S.)

Article 5. Equipment Replacement Fund

3-3.501 Created.

There is hereby created a fund to be designated as the “Equipment Replacement Fund”.

(§ 1, Ord. 186 C-M, eff. July 25, 1968)

3-3.502 Deposits.

The Council may authorize transfers to the Equipment Replacement Fund in an amount which equals fifty (50%) percent of the net receipts from sales taxes in a fiscal year after capital expenditures and budget appropriations from the sales tax money are approved by the Council.

(§ 1, Ord. 186 C-M, eff. July 25, 1968)

3-3.503 Expenditures.

All moneys in the Equipment Replacement Fund shall be expended exclusively for the purchase of equipment for the various City departments, not including self-supporting enterprises. All expenditures shall have the approval of the Council.

(§ 1, Ord. 186 C-M, eff. July 25, 1968)

Article 6. Enterprise Funds

3-3.601 Establishment of Enterprise Funds.

There is hereby created a fund to be designated as the “Enterprise Funds”.

(§ 1, Ord. 198 C-M, eff. December 26, 1968)

3-3.602 Deposits.

All moneys received from the various self-supporting enterprises of the City shall be deposited to the applicable Enterprise Fund.

(§ 1, Ord. 198 C-M, eff. December 26, 1968)

3-3.603 Expenditures.

All moneys in the Enterprise Funds shall be expended first for operation and maintenance expenses and thereafter for capital expenditures as approved by the Council. Any excess over operation and maintenance and authorized capital expenditures may be transferred to the General Fund or other funds as may be authorized by resolution of the Council. The accounting of such funds shall be carried out under normal accounting procedures as outlined by the National Committee on Governmental Accounting Procedures.

(§ 1, Ord. 198 C-M, eff. December 26, 1968)

Article 7. Redevelopment Agency Funds*

* Sections 3-3.701 through 3-3.706, added by Ordinance No. 290 C-M, effective October 12, 1972, amended in their entirety by Section 1, Ordinance No. 322 C-M, effective February 7, 1974.

3-3.701 Establishment of administrative fund: Central Downtown Redevelopment Project.

There is hereby created a fund to be designated as the “Community Redevelopment Agency Administrative Fund—Central Downtown Redevelopment Project”.