[Adopted 1-26-1995 by Ord. No. 1493 (Ch. 1, Part 10, of the 1986 Code of Ordinances)]
There is hereby created a capital reserve fund for anticipated capital expenditures in and for the City of Washington. The Mayor and Council may appropriate monies from the general City funds to be paid into the capital reserve fund and hereby appropriates from the general City funds the sum of $200,000, to be used in accordance with the terms of this article.
The money in the capital reserve fund shall be used for the purpose of construction of a new police station for the City of Washington, and for no other purpose, unless the Mayor and Council of the City of Washington, by four-fifths' vote, shall declare that the aforementioned purpose or purposes have become impracticable, inadvisable or impossible, or that conditions have arisen in the City which make other capital expenditures more urgent than those for which the fund was created. In the event that the Mayor and Council, by four-fifths' vote, shall amend or change the purpose for capital expenditures from the capital reserve fund, then monies from said fund may be used for such purposes as designated by a four-fifths' vote of the Mayor and Council.
The monies in the capital reserve fund shall be controlled, invested, reinvested and administered and the monies therein and income from such monies expended for the specific purpose or purposes as set forth herein. The money in the fund, when invested by the Mayor and Council, shall be invested in securities designated by law as legal investments for sinking funds of municipalities.
Monies may be withdrawn from the capital reserve fund as all other funds are withdrawn or transferred in accordance with the established practice and procedure of the City of Washington in withdrawing and dispersing monies of the City.