[HISTORY: Adopted by the City Commission of the City of Royal Oak as indicated in article histories. Amendments noted where applicable.]
[Adopted 1-2-1945 by Ord. No. 453]
Pursuant to authority vested in the City of Royal Oak by Act No. 177 of the P.A. of 1943, there is hereby established and created in the City of Royal Oak a fund to be hereafter known as the "Public Improvement Reserve Fund."
Editor's Note: See MCLA § 141.261 et seq.
The Public Improvement Reserve Fund shall be used for acquiring, extending, altering or repairing any public improvement which the City of Royal Oak by charter or by general law is authorized to acquire, extend, alter, repair or enlarge; provided only that said purposes shall be of general benefit to the people of the City at large.
The Director of Finance of the City of Royal Oak is hereby authorized and directed, immediately upon the adoption and taking effect of this article, to allocate and credit the Public Improvement Reserve Fund with moneys and securities now on hand or hereafter acquired, which are derived from the following sources:
The cash securities and assessments receivable belonging to the general fund which are now carried in an account known as the "Public Improvement Fund," and which amounted as of May 31, 1944, to $24,280.44, subject, however, as of that date, to certain liabilities amounting to $4,936.17; provided any liabilities against the last mentioned fund shall remain liabilities against the new fund hereby created.
Any other moneys or securities belonging to the City of Royal Oak and not otherwise pledged or encumbered, which the City Commission, by resolution, may hereafter order paid into said fund.
The City Commission may annually, by and in accordance with the budgetary procedure set forth in the Charter, include in the annual budget an item of money to be raised by taxation in the ensuing year, which said money, when collected, shall be credited to the Public Improvement Reserve Fund and may during any fiscal year direct that any miscellaneous revenues derived from sources other than taxation, and not otherwise encumbered, be credited to said fund.
Any and all moneys or credits hereinafter assigned, transferred or appropriated to the Public Improvement Reserve Fund shall be held in said fund as a reserve for the use by the City for general public improvements hereinafter specifically authorized by the City Commission. Moneys so accumulated in said fund shall not be transferred, encumbered or otherwise disposed of except for the construction of public improvements as provided in § 76-2 of this article.
The moneys accumulated in said fund shall from time to time and upon authority of the City Commission be invested by the Director of Finance in such securities as are authorized by the Charter and general laws of the State of Michigan as lawful for the investment of public funds.
Whenever the Commission of the City of Royal Oak determines the need and advisability to acquire, construct, extend, alter, repair or enlarge any public improvement, the cost of which is to be defrayed wholly or in part from the Public Improvement Reserve Fund, the provisions of the Charter of the City of Royal Oak in regard to the preparation of maps, plans, specifications and estimates of cost of the proposed improvements shall be fully complied with and the Commission shall adopt a specific resolution determining to acquire, construct, extend, alter, repair or enlarge such improvement. Separate proceedings shall be taken for each separate type or kind of public improvement to be authorized. The Commission shall provide in such resolution for payment of all or such part as it may determine of the costs of such improvement from the Public Improvement Reserve Fund. In the case of any public improvement to be paid for in part by special assessments against the property benefited, payment may be made from the Public Improvement Reserve Fund for that portion of the cost of such improvement which by Charter or general law in force in the City of Royal Oak is required to be paid by the City at large, or such part as shall have been determined to be of general benefit to the City at large, but the portion of the cost thereof deemed to be of private, special, or local benefit shall be assessed against the property benefited.