[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."
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:
A. 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.
B. 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.