A fund is hereby created for capital outlays under 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," approved July 1, 1937, and being Chapter 717 of the Statutes of 1937, as amended by Chapter 341 of the Statutes of 1941 of the State of California. (Ord. 652 § 1; May 19, 1942.)