Chapter 3.117
TRANSPORTATION IMPROVEMENT FUND
Sections:
3.117.010 Establishment of transportation improvement fund.
3.117.020 Administration of the fund.
3.117.010 Establishment of transportation improvement fund.
There is hereby created and established a separate fund to be known as the transportation improvement fund or other name as may be determined from time to time. The purpose of the fund is to provide financial administration and accounting control of moneys deposited or transferred into the fund. All moneys and assets assigned to the fund shall only be expended for permissible uses as detailed in Chapter 10.26. (Ord. 1408 § 5 (Exh. B) (part), 2017)
3.117.020 Administration of the fund.
The mayor or his/her designated representative shall be responsible for the administration of the fund. A simple majority vote of council is needed to approve the fund’s expenditures prior to moneys being disbursed from the fund. (Ord. 1408 § 5 (Exh. B) (part), 2017)
3.117.030 Term of the fund.
The fund is declared to be perpetual, and moneys remaining therein at the conclusion of each budget year shall carry over into the ensuing year unless determined differently by the city council. Neither the employees of the city nor their representatives shall have any interest whatsoever in the funds provided, or the administration thereof. (Ord. 1408 § 5 (Exh. B) (part), 2017)
3.117.040 Investments.
The finance director is directed to maintain the above-referenced fund as provided herein, and to invest the same so as to generate such additional moneys as is reasonably prudent which shall be accrued and paid to the fund. (Ord. 1408 § 5 (Exh. B) (part), 2017)