(A) Effective immediately, and January 1 of each year thereafter, at least 3%, but no greater than 10%, of the actual net income tax receipts from the immediately completed fiscal year shall be placed and maintained in the Public Infrastructure Improvement Reserve Fund. The Public Infrastructure Improvement Reserve Fund will receive credit for interest income earned on the Fund’s balance.
(B) For the purpose of this section,
PUBLIC INFRASTRUCTURE means public assets such as streets, bridges, curbs, gutters, sidewalks, drainage systems and lighting systems.
(C) Funds in the Public Infrastructure Improvement Reserve Fund can only be appropriated for infrastructure construction and improvement projects approved by the five-year capital improvement plan. A majority vote of seven members of Council shall be needed in order to appropriate the funds for other purposes.
(Prior Code, § 234.06) (Ord. 174-1995, passed 11-27-1995)