The city council may levy and collect assessments or taxes for the creation and accumulation of a fund for capital outlays, not to exceed any limitation prescribed by law.
(Prior code § 11-11)
The capital outlay fund shall be shown on the annual budget as reserves for future expenditures in subsequent years, and when so shown shall be identical as to purpose but need not be itemized.
(Prior code § 11-13)
The city council may transfer to the capital outlay fund any unencumbered surplus funds remaining on hand at the end of the fiscal year.
(Prior code § 11-14)
The capital outlay fund shall remain inviolate for the making of any capital outlays. Money shall not be disbursed from the fund except for such purpose unless the city council submits a proposition to the electors to obtain their consent to use the money in the fund for some other specific purpose and it is approved by a two-thirds vote of all voters voting at the election.
(Prior code § 11-15; Ord. 4528, 1997)