2.030 Municipal Reserve Fund.

(1) Creation and Sources of Fund. There is hereby established in the City of Manitowoc a fund, separate and distinct from every other fund, and designated as the “Municipal Reserve Fund.” The sources of said fund shall be such moneys, or securities, from any source whatsoever, as the Common Council may, by resolution, by a two-thirds vote from time to time direct to be paid into said fund.

(2) Records – Report. The City Treasurer shall keep a separate record, relating to such fund, including an accurate account of the transactions, investments, earnings and expenditures, and shall make a report annually, on or about the fifteenth day of January of each year, to the Common Council.

(3) Finance Committee – Council. The Finance Committee of the Common Council shall, from time to time, recommend to the Common Council the investment of said fund, or part thereof, as it accrues. Disbursements, investments, sale or transfer of any securities, held in said fund, shall be by resolution of the Common Council on checks or City orders, signed by the Mayor, the City Clerk and the City Treasurer.

(4) Interest – Income. All interest or income earned by said fund on its investments shall, when it accrues, be added to said fund to augment the same for the purposes for which said fund is provided, unless otherwise provided by a majority vote of the Common Council.

(5) Expenditures. Said municipal reserve fund, or any part thereof, may be expended for any municipal purpose with the consent of four-fifths of the members-elect of the Common Council.

(6) Cash – Where and How Kept. The City Treasurer shall keep all cash on hand, belonging to said reserve fund, in a separate account in satisfactory depositories in the City of Manitowoc as shall be designated by the Finance Committee of the Common Council. The said Finance Committee shall also designate a suitable, safe depository, wherein the City Treasurer shall keep all bonds, or other securities, in which said fund shall be invested.

[Prior code § 2.03]