(A) Effective 1-1-1996, and each year thereafter, at least 2% of the actual net income tax receipts from the immediately completed fiscal year shall be placed and maintained in the Emergency Reserve for Public Facilities and Programs Fund. Annual contributions shall be made until the maximum of $2,000,000 is reached. The Fund will receive credit for interest income earned on the Fund balance. Once the maximum amount is reached, the Fund balance will only increase by the amount of annual interest earned on the balance.
(B) Funds in the Emergency Reserve for Public Facilities and Programs Fund can only be appropriated and disbursed upon the recommendation of the Mayor and the Finance Director and upon a majority vote of seven members of Council.
(Prior Code, § 234.05) (Ord. 175-1995, passed 11-27-1995; Ord. 152-2020, passed 11-30-2020)