Chapter 3.05
CITY HALL CUMULATIVE
RESERVE FUND

Sections:

3.05.010  Created.

3.05.020  Source.

3.05.030  Purpose.

3.05.010 Created.

There is hereby created a cumulative reserve fund for City Hall purposes for the accumulation and expenditure of funds for building additions to the City Hall, and for buying material and equipment, or the making of alterations or repairs to said City Hall as the council shall from time to time determine. (Ord. 211 § 1, 1956)

3.05.020 Source.

The monies in said fund shall be allowed to accumulate from year to year from such funds as shall be budgeted annually by the council of said town, from any excess levies which may be authorized therefor by the electors of said town, and from any other funds which may be contributed or made available from any source for paid purposes. (Ord. 211 § 2, 1956)

3.05.030 Purpose.

Any monies in said cumulative reserve fund at the end of the fiscal year shall not lapse nor shall the same be a surplus available for, or which may be used for, any other purpose than the purposes for which said fund was created, without an approving vote by a majority of the electors of said town at an election voting on a proposal submitted to said electors to allow the use to be made thereof for purposes other than for which it was created. (Ord. 211 § 4, 1956)