(A) Transfers; deposits. The City of Bedford Rainy Day Fund is a special fund into which unused or unencumbered funds may be transferred, excess CAGIT, CEDIT and COIT distributions shall be deposited, or any other sources not prohibited by law may be transferred or deposited.
(B) Purpose. The purpose of the Rainy Day Fund is to be used for any lawful purpose.
(C) Transfer limit. The amount of the transfer is limited to 10% of the City of Bedford annual budget in any fiscal year.
(D) Timing of transfers. Transfers to the Rainy Day Fund can only be made on or after January 1 and before March 1 of each following subsequent year.
(E) Appropriations. The Rainy Day Fund shall be subject to the same appropriation process as other funds that receive tax monies.
(Ord. 5-2008, passed 3-11-08)