Chapter 3.12
CUMULATIVE RESERVE FUND
Sections:
3.12.010 Established.
The cumulative reserve fund No. 123 shall be established. (Ord. 08-032 § 1; Ord. 00-623 § 1).
3.12.020 Transfer of funds.
(1) All monies in the sewer cleaning fund No. 460 shall be transferred to the cumulative reserve fund No. 123.
(2) Ten percent of any utility tax collected shall be receipted into the cumulative reserve fund No. 123. This does not apply to any utility tax collected under Chapter 3.26 KMC.
(3) Investment income generated from investments, other than the bond reserve fund certificate of deposit, shall be receipted into the cumulative reserve fund No. 123.
(4) Monies will be transferred, amount to be determined annually during the budget process, from the water/sewer fund No. 401 to the cumulative reserve fund No. 123.
(5) Monies will be transferred, amount to be determined annually during the budget process, from the street fund No. 100 to the cumulative reserve fund No. 123.
(6) Monies will be transferred, amount to be determined annually during the budget process, from the current expense fund No. 001 to the cumulative reserve fund No. 123. (Ord. 08-032 §§ 2 – 7; Ord. 00-623 §§ 2 – 7).
3.12.030 Use of monies.
The cumulative reserve fund No. 123 is hereby designated to assist in funding the purchase or lease of property, equipment, or vehicles and the construction and/or repair of sidewalks. (Ord. 08-032 § 9; Ord. 00-623 § 9).