A.
A fund is hereby created for capital outlays under the provisions of Act No. 8496A 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," approved July 1, 1937, and being Chapter 717 of the Statutes of 1937, as amended[1].
B.
Such fund shall be known as "Special Fund for Capital Outlays" and it shall remain inviolate for the making of any capital outlays and no moneys shall be disbursed therefrom excepting for such a purpose, excepting upon the consent of the electors obtained as provided in said Act, as amended.
C.
Taxes may be levied upon the taxable property in the City for the raising of moneys for said fund, but no levy so made shall exceed the limitation imposed by the general laws of the State upon the right of the City to impose taxes 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.
D.
The City Council may transfer to such fund any unencumbered surplus funds remaining on hand in the City at the end of any fiscal year.
(Ord. 149, 2-13-1945)