Chapter 3.10
CAPITAL IMPROVEMENT FUND
Sections:
3.10.01 Fund established.
There is hereby established a capital improvement reserve fund which shall be used by the city to finance in whole or in part any public improvement need set forth in the city’s capital improvement plan. (Ord. 660 § 1. Code 1996 § 1-801)
3.10.02 Policy objective.
It is the policy objective of the governing body that such funds should be used primarily to provide a financing mechanism for the repair, restoration and rehabilitation of existing public facilities. Further, it is the intent of the governing body to utilize current revenues to be credited to the fund to the maximum extent possible to meet the city’s present and future public infrastructure needs and to avoid the costs of unnecessary indebtedness. (Ord. 660 § 2. Code 1996 § 1-802)
3.10.03 Use for studies.
Moneys in such fund may be used to pay the cost of engineering and other advanced public improvement plans and studies with the fund periodically reimbursed from bond proceeds, special assessments or state or federal aid that may be available for the completed project. No expenditures for such purpose shall be made except on a finding of the governing body of its probable intent to proceed with the improvement following such engineering or advanced study. (Ord. 660 § 3. Code 1996 § 1-803)
3.10.04 Plan of operation.
(a) The city clerk shall submit to the governing body a plan of operation for the implementation of this chapter. Such plan shall provide that the annual, revised and adopted capital improvements plan of the city identify those improvements to be financed from the fund during the following year.
(b) The city clerk shall annually submit, at the same time and as a part of the annual operating budget, such proposed revenue allocations and budget transfers as may be necessary (1) to finance those improvements scheduled for completion next year, the cost of which is to be credited to the fund, as provided by the capital improvements plan, and (2) to set aside moneys to be annually reserved for future improvements as provided in the capital improvements plan. (Ord. 660 § 4. Code 1996 § 1-804)
3.10.05 Investing.
Moneys in the capital improvements fund shall be invested in accordance with the provisions of K.S.A. 10-131 and amendments thereto, with interest thereon credited to such fund. (Ord. 660 § 5. Code 1996 § 1-805)