Chapter 3.80
CUMULATIVE RESERVE FUND FOR CAPITAL IMPROVEMENTS
Sections:
3.80.010 Fund created—Purposes.
3.80.010 Fund created—Purposes.
There is created a special fund to be known as the cumulative reserve fund for capital improvements. The money in the fund shall be used only to pay for capital improvements consisting of acquiring property, constructing, altering or repairing any public building or work, making any public improvement, or purchasing supplies, material or equipment specified as capital improvements by budget laws, rules or regulations applicable at the time of any such purchase. Purposes for which expenditures from the fund may be made include, but are not limited to, planning, engineering, architectural, appraisal and similar costs related to capital improvements; payment of principal of and/or interest on expenditures for capital improvements; as matching funds to qualify for, or to spend in conjunction with, county, state or federal grants for capital improvements; and to pay all or any part of any bonded indebtedness hereafter incurred by the city for any capital improvement. (Ord. 1265 § 1 (part), 1970).
3.80.020 Source of funds.
From time to time, the city council may transfer or otherwise deposit money from any available source into such fund. (Ord. 1477 § 1, 1973: Ord. 1265 § 1 (part), 1970).
3.80.030 Expenditures.
Expenditures from the cumulative reserve fund for capital improvements shall be made only for the purposes mentioned in Section 3.80.010 of this chapter. No expenditure shall be made from such fund unless the city council shall approve such expenditure by passing an ordinance appropriating money within the fund for the purpose for which the expenditure is to be made or by including an appropriation for such purpose in the budget. (Ord. 1265 § 1 (part), 1970).