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The Alhambra City Council shall create a special fund to be known as the general reserve fund for the purpose of keeping the payment of the running expenses of said city on a cash basis. Commencing with the fiscal year [1964-1965] there shall be placed in said fund annually out of the general tax revenues of said city the sum of not less than ten thousand dollars until said fund has reached the sum of four hundred fifty thousand dollars. Payments from said fund may be made by the council to any other fund or funds of said city for the purpose of keeping such other fund or funds upon a cash basis as nearly as may be, during such periods as such other fund or funds are depleted by reason of nonreceipt of tax revenue between the close of the fiscal year and the payment of city taxes; provided, that all moneys so transferred from said general reserve fund shall be returned thereto by said council from the first tax receipts available, and in any event before the end of the fiscal year in which said transfer or transfers are made. (1951, Res. C. 211.)
Editor's note: This section was amended by Resolution 23241 of the Alhambra City Council, which was approved by the voters of the city at an election held June 4, 1963.