(a) Fund established. There is hereby created a revenue reserve account known as the Reserve Fund for Permanent Public Improvements.
(b) Funding.
(1) (i) Subject to the limitation in paragraph (iii), revenue resulting from the first one-tenth of a percentage point by which the County income tax rate exceeds 2.50% shall be paid into the Fund.
(ii) Subject to the limitation in paragraph (iii), if the County income tax rate exceeds 2.50% by less than one-tenth of a percentage point, then all of the revenue resulting from the increase shall be paid into the Fund.
(iii) The revenue paid into the Fund under paragraphs (i) or (ii) shall not exceed $21,000,000 in any fiscal year.
(2) Unexpended Fund balances that would otherwise lapse into the General Fund may also be paid into the Fund.
(3) Interest earnings of the Fund shall be retained to the credit of the Fund.
(c) Continuing fund. The Reserve Fund for Permanent Public Improvements is a continuing, non-lapsing fund.
(d) Purposes.
(1) The revenues paid into the Fund shall be appropriated solely as a funding source for permanent public improvements in the capital budget, including the payment or reimbursement of debt service on bonds, notes, and other obligations that fund permanent public improvements in the capital budget and the pledging of such revenue and Fund to secure the repayment of such debt service.
(2) Notwithstanding other provisions of the Charter, the existence of this Fund does not prohibit the use of other revenues and receipts to finance permanent public improvements.
(Bill No. 42-19)