Chapter 3.20
CUMULATIVE RESERVE FUND

Sections:

3.20.010    Created.

3.20.020    Deposit of moneys.

3.20.030    Authorization of expenditure.

3.20.010 Created.

There is created and established a cumulative reserve fund to be known as the cumulative reserve fund for capital purposes. (Ord. 264 § 1, 1970).

3.20.020 Deposit of moneys.

There shall be deposited into said fund, the excess moneys presently on hand from the government grant expended on an industrial sewer project, which was reimbursed by the industrial user, and such other funds, as are appropriated, from time to time, or set aside for future capital purposes by the city council, and any gifts or donations granted to the city for capital purposes, and funds from any lawful source properly payable into said fund. (Ord. 264 § 2, 1970).

3.20.030 Authorization of expenditure.

The city council shall authorize the expenditure of said funds for capital improvements or acquisitions only, and said funds shall never be used for any other purpose without an approving vote of a majority of electors of the city, at a general or special election, authorizing the expenditures of said funds for other uses than those specified herein. (Ord. 264 § 3, 1970).