Title 07 Finance

Chapter 07.08 Funds

Article II. Special Revenue Funds

1. There is established a cumulative reserve fund in the park department for capital purposes only, to be known as the “cumulative reserve fund, park department, capital purposes”. Such fund and all the moneys therein shall be used for capital purposes of the park department only as shall be delineated and directed by the city council. The moneys therein placed, either by appropriation, by gift, or in any other manner received and by councilmanic action directed to be placed in such fund, shall be so held in such fund for the appropriation direction of the city council for capital purposes of the park department, and for no other purposes.
    
2. The moneys in said fund may be allowed to accumulate from year to year until the city council shall determine to expend the moneys in the fund for the purpose or purposes specified. Any moneys in said fund shall never be expended for any other purpose or purposes than those specified without an approving vote by a majority of the electors of the City at a general or special election voting on a proposal submitted to the electors to allow other specified uses to be made of said fund.
    
3. An item for said cumulative reserve fund may be included in the City’s annual budget or estimate of amounts required to meet public expense for the ensuing year and a tax levy made within the limits and as authorized by law for said item; and said item and levy may be repeated from year to year until, in the judgment of the city council, the amount required for the specified purpose or purposes has been raised or accumulated. Any moneys in said fund at the end of the fiscal year shall not lapse nor shall the same be a surplus available or which may be used for any other purpose or purposes than those specified, except as provided in subsection (B) of this section.

Date Passed: Monday, May 7, 2007

Effective Date: Wednesday, June 20, 2007

Recodification ORD C34024 Section 1