In accordance with the provisions of Public
Act No. 438 of the January 1967 session of the General Assembly, there is hereby established a special fund which will
be known as the "Park and Recreation Capital and Nonrecurring Expense
Fund."
[Amended 9-15-1980]
There shall be deposited in said fund all moneys
received by the City, from whatever source and by whatever means,
as gifts for park or recreation purposes; all moneys received by the
City, from whatever source and by whatever means, as governmental
grants or loans for park or recreational purposes; all moneys received
by the City from the sale or voluntary or involuntary conveyance of
land used for park and recreational purposes; and all moneys duly
appropriated to said fund by the direction of the City Council.
Said fund shall be in the custody of the Treasurer
of the City. All or any part of the moneys in said fund may, from
time to time, be invested in any securities in which public funds
may lawfully be invested. All income derived from such investments
shall be paid into the fund and become a part thereof. The moneys
so invested shall at all times be subject to withdrawal from such
investment for use as provided in this article.
Annually, the Treasurer shall submit to the
Director of Parks and Recreation and to the City Council a complete
and detailed report of the condition of said fund, which report shall
be made part of the annual report of the City.
[Amended 9-15-1980]
Upon authorization of the City Council, the
moneys in said fund may be used for capital and nonrecurring expenditures
incurred in any of the following: acquisition, development, improvement,
maintenance and expansion of park and recreational lands; acquisition,
erection, installation, maintenance, improvement, repair and replacement
of park or recreational facilities and equipment; development, establishment
and improvement of park or recreation programs; and any other capital
or nonrecurring expenditure incurred for park or recreational purposes.
No budget proposed or approved or appropriation
made for park or recreational purposes shall hereafter be reduced,
ratably or otherwise, in consideration of any moneys in said fund.