Chapter 3.08
CAPITAL CONSTRUCTION FUND
Sections:
3.08.030 Payments to fund – Time limit.
3.08.040 Payments to fund – Source.
3.08.010 Definition.
“Capital construction fund” means that type of fund as authorized and defined by ORS 280.100. (Ord. 87-8 § 1)
3.08.020 Created – Term.
A capital construction fund is established and created by the city beginning with the fiscal year 1987-88, and shall continue for a period of time not exceeding 12 fiscal years. (Ord. 87-8 § 2)
3.08.030 Payments to fund – Time limit.
Annual increments to the fund shall be limited to a period of not to exceed 10 years. (Ord. 87-8 § 3)
3.08.040 Payments to fund – Source.
All annual increments to the fund shall be made from, but not limited to, revenue transfers from the general fund. (Ord. 87-8 § 4)
3.08.050 Administration.
All moneys paid into the fund shall be kept by the city treasurer separate and distinct from other funds of the subdivision and further shall be retained and expended only for the purpose for which the fund was created, as set forth in LCMC 3.08.060. (Ord. 87-8 § 5)
3.08.060 Purposes.
The fund shall be retained and/or expended for any of the following purposes:
A. The purchase of real property on which capital improvements may or will be constructed;
B. The construction of a new city hall and/or any other facilities or buildings deemed necessary;
C. The construction of improvements to or modification of existing municipal facilities and buildings. (Ord. 87-8 § 6)