Chapter 3.97
GOLF COURSE FUND

Sections:

3.97.010    Created.

3.97.020    Source of monies.

3.97.030    Use of monies.

3.97.010 Created.

There is created and established a special fund to be known as the “golf course fund.” (Ord. 1642 § 1, 1988)

3.97.020 Source of monies.

A loan is hereby authorized from the general fund to the golf course fund to pay the cost of preparing a preliminary financial feasibility study, property appraisals, property surveys, and other start-up costs. The loan shall be at such interest rate as is determined by the finance officer of the city and shall be at an interest rate or rates that, in the determination of the finance officer, represents a reasonable rate of return to the general fund. The term of the loan shall not exceed three years without approval of the city council. The loan shall be repaid from the proceeds of revenue bonds and/or other obligations or other money of the city available therefor. (Ord. 1642 § 2, 1988)

3.97.030 Use of monies.

Money in the golf course fund may be spent, as authorized by the city council, to defray all or part of the costs of planning, purchase or other acquisition, construction, improvement, maintenance or operation of a golf course. Money in the golf course fund also may be obligated as directed by the city council in connection with the issuance of bonds and other obligations of the city. (Ord. 1642 § 1, 1988)