Chapter 3.15
ESTABLISHMENT OF CAPITAL IMPROVEMENTS RESERVE FUND

Sections:

3.15.010    Capital improvements reserve fund established.

3.15.020    Appropriations to fund – Accumulation of funds permitted.

3.15.030    Disbursements from fund – To be in accordance with budget.

3.15.010 Capital improvements reserve fund established.

Pursuant to authorization set forth under Section 10-6-116(5), Utah Code Annotated 1953, as amended, the city council does hereby establish a capital improvements reserve fund for the purpose of financing acquisition of property and/or construction of public buildings, recreation facilities, utility systems and similar public improvements. (Section 10-6-116, Utah Code Annotated 1953) [Code 1988 § 3-2-1].

3.15.020 Appropriations to fund – Accumulation of funds permitted.

The council may, in any budget year, appropriate funds to the improvement reserve fund established in HMC 3.15.010 from estimated revenues and/or available fund balances. The amounts so appropriated may accumulate from year to year until the total is sufficient to permit economical expenditure for the specified improvement. (Section 10-6-116, Utah Code Annotated 1953) [Code 1988 § 3-2-2].

3.15.030 Disbursements from fund – To be in accordance with budget.

Disbursements from the reserve fund shall be made only for the funding of specific projects which have been identified as part of a formal long-range capital plan adopted by the council. All disbursements shall be made by transfer to a revenue or transfer account within the reserve fund, pursuant to a budget appropriation set forth in a duly adopted budget for the reserve fund. (Section 10-6-116, Utah Code Annotated 1953) [Code 1988 § 3-2-3].