Chapter 8.30
Relinquished Roadway Fund
Sections:
8.30.010 Legislative purpose and findings.
8.30.010 Legislative purpose and findings.
The recitals of the ordinance codified in this chapter are incorporated herein as though set forth in full. (Ord. 2020-01 § 2, 2020).
8.30.020 Establishment.
A “relinquished roadway fund” is established for the purpose of funding activities on or associated with any roadway relinquished by the State of California to the City of Coronado (the “relinquished roadways”) including the maintenance, repair and replacement thereof, facilities, improvements and construction thereon, and activities related to ensuring the safe and efficient operations thereof. A separate fund shall be set up for the relinquished roadways moneys. Money in the relinquished roadway fund may be prudently invested in accordance with applicable law and City policies. Money in the relinquished roadway fund shall not, except for temporary or pooled investments, be commingled with other moneys of the City, and shall be expended solely for the purpose for which the relinquished roadway fund was established. Any interest earned on or return on investments for money in the relinquished roadway fund shall be deposited into that fund and spent for the purposes authorized in this section. (Ord. 2020-01 § 2, 2020).
8.30.030 Deposits.
Initial funding in the amount of $9,300,000 shall be transferred from the community development agency fund (160) and deposited into the relinquished roadway fund as soon as practical after the City’s acceptance of the relinquished roadways. Any moneys received from the State of California on account of the relinquished roadways shall be immediately deposited into the relinquished roadway fund. (Ord. 2020-01 § 2, 2020).
8.30.040 Expenditures.
Expenditures from the relinquished roadway fund shall be made only for the purposes authorized by CMC 8.30.020 and shall be accounted for separately. The fund shall not be used to pay for any other activities. Projects to be paid for from the relinquished roadway fund shall be enumerated in the Capital Improvement Plan. There shall be no borrowing permitted from this fund. (Ord. 2020-01 § 2, 2020).