(A) There is hereby created a Land Acquisition Fund.
(B) The City Council from time to time may deem it reasonable to depose of certain real properties.
(C) The City Council from time to time may deem it reasonable and in the best interest of the city to purchase real estate.
(D) The City Council shall from time to time deem it reasonable to rent certain city properties.
(E) The Land Acquisition Fund shall be initially funded by the sale of city property located on Boatman Road and further funded by future sales or by future rents.
(F) The Fund shall only be expended upon appropriation by the City Council. The Fund shall only be used for purchase of real property, costs associated with the purchase or sale of real estate, improvements to city property, or for other needs as determined by the City Council.
(Ord. 2008-08, passed 8-18-2008)