[Ord. No. 3005 §1, 3-1-2005; Ord. No. 3734 §1, 4-8-2013]
A.
There
is hereby created a Reserve Account line item that shall be accounted
for within the City's General Fund.
B.
The
purpose of this Article is to establish a mandatory Reserve Account
to be maintained by the City within the General Fund, which cannot
be invaded except by special emergency appropriation of the Town and
Country Board of Aldermen as provided herein below.
C.
A Reserve
Account is hereby established and shall be maintained within the General
Fund in an amount no less than fifty percent (50%) of the City's annual
General Fund projected expenditures.
D.
The Town and Country Finance Director shall notify the Mayor and Board of Aldermen whenever any proposed appropriation or expenditure will cause the balance of the Reserve Account to drop below the amount required in Subsection (C) hereof.
E.
No expenditure shall be made which causes or would cause the Reserve Account to drop below the amount required in Subsection (C) hereof, unless and until such expenditure is expressly authorized by emergency appropriation adopted and approved by two-thirds (⅔) of the seated members of the Board of Aldermen.
