The city does establish a capital outlays fund, and the council is authorized and empowered to levy and collect assessments or taxes for the creation and replenishment of such fund. The council may transfer to such fund any unencumbered surplus funds remaining on hand at the end of any fiscal year.
(Prior code § 2600.1)
The capital outlays fund shall remain inviolate for the making of any capital outlays, and no moneys shall be disbursed therefrom except for such purpose; the term "capital outlays" shall include public improvements, the purchase of equipment, major repairs to equipment, and the like; but shall not relate to or include public utilities other than utilities for the furnishing of a water supply, and shall include any expenditures therefrom relating to the public sewer system, and all as provided by Chapter 717 of the Laws of 1937, adopted by the California Legislature, and the amendments thereto, adopted in 1941.
(Prior code § 2600.2)
Provision having heretofore been made for an annual depreciation of the physical assets of the water department, the city manager is authorized and directed prior to the close of each fiscal year to place such annual depreciation funds within the capital outlays fund; save as such annual depreciation funds may be lessened during any fiscal year by expenditures therefrom for necessary current repairs or additions to the physical properties of the water department. Nothing herein contained is intended to prevent expenditures from such annual depreciation funds during any fiscal year for necessary betterments, improvements, repairs and the like, prior to deposit in the capital outlays fund.
(Prior code § 2600.3)