Pursuant to the authority vested in the council of the city of South Gate so to do under and pursuant to the provisions of that certain act of the Legislature of the State of California, entitled: "An act to provide for the levy and collection of taxes and assessments for the purpose of creating a fund for capital outlays by cities, counties, cities and counties or districts," (Statutes 1937, page 1995), the city council does hereby create a certain fund in and for the city to be known and designated and which is hereby named and designated as the "public improvements fund."
(prior Ord. 393 § 1, 8-28-1939; Ord. 973 § 1 (part), 8-23-1965)
At the time of making the regular tax levy for general and special municipal purposes each year hereafter, the city council may levy for the purpose contemplated under said act of the legislature, an assessment or tax which shall not exceed the limitation upon its right to impose taxes as may be prescribed by the general laws of the state of California without the assent of two-thirds of the qualified electors of the city voting at any general or special election at which such proposition may be submitted. The proceeds of any and all such assessments or taxes shall be placed in said fund and the city council may, as provided in said act, transfer to said fund any unencumbered surplus funds remaining on hand in the city at the end of any fiscal year.
(prior Ord. 393 § 2, 8-28-1939; Ord. 973 § 1 (part), 8-23-1965)
As provided in the act under which the fund is created, the fund shall remain inviolate for the making of any capital outlays for public improvements and no moneys shall be disbursed therefrom excepting for such purpose, except as provided in the act.
(prior Ord. 393 § 3, 8-28-1939; Ord. 973 § 1 (part), 8-23-1965)
Between June 1st and July 1st of each year the city treasurer shall compute and advise the city council of the earned interest on the balances in the public improvements fund. Following said advice from the city treasurer, the city council shall order the transfer of interest to be made in such amount and in such a manner as hereinafter stipulated.
(Ord. 973 § 1 (part), 10-23-1965)
In computing the interest as provided in Section 3.16.035, the city treasurer shall average the balances in the public improvements fund on the last day of August and January for the period immediately preceding the public improvements fund interest transfer. The amount of interest due shall then be computed on said average at the predominant interest rate then paid the city for its longest inactive deposit term and/or investment of surplus moneys from all of the city's funds not reserved for special or restricted purposes. Where no such interest is paid, no interest payment will be due the public improvements fund.
(prior Ord. 973 § 1 (part), 8-23-1965; Ord. 1064 § 1, 2-13-1968)
As provided in said act, the term "public improvements" as used in this chapter shall not be construed to include the construction, acquisition, extensions of, or additions to, utilities, other than utilities for the furnishing of a water supply.
(prior Ord. 393 § 4, 8-28-1939; Ord. 973 § 1 (part), 8-23-1965)
The reference contained in Section 3.16.010 of this chapter to that certain act of the Legislature of the State of California, entitled: "An act to provide for the levy and collection of taxes and assessments for the purpose of creating a fund for capital outlays by cities, counties, cities and counties or districts" (Statutes 1937, page 1995), shall mean and be held and construed to mean and refer to said act as same existed on said 28th day of August, 1939, or might thereafter be amended, and that the definition of "public improvements" set forth in said act shall be construed as set forth in said act as same existed on said 28th day of August, 1939, or as same might thereafter be amended, it being the purpose and intention of the council to provide for the widest and broadest possible use of said fund under said act as same so existed or might thereafter be amended at any time.
(added by Ord. 432, 8-4-1941; prior Ord. 393 § 4.1; Ord. 973 § 1 (part), 8-23-1965)