(A) There is hereby created a fund to be known as the "Streets, Sidewalks, and Drainage Fund." The amounts deposited in this fund are to be used only for the purposes defined in this section.
(B) The Streets, Sidewalks, and Drainage Fund shall be created to accumulate funds for the purpose of making capital improvements to the streets, sidewalks, and drainage systems of the City of Bethany, or to create new streets, sidewalks, and drainage systems in the city. These funds are to be provided by 25% of the
annual sales tax dedicated to capital expenditures in the Capital Improvement Fund, as well as transfers from other funds as determined by the City Council.
(C) The funding level for the Streets, Sidewalks, and Drainage Fund is to be determined in accordance with an adopted five-year capital plan for streets, sidewalks, and drainage projects which is to be updated each year. The maximum balance of the fund shall not exceed $2,000,000. Upon reaching the maximum balance of $2,000.000, the 25% allocation, or any part thereof, as defined in division (B) shall be deposited into the Capital Improvement Fund.
(D) Amounts held in the Streets, Sidewalks, and Drainage Fund are to be designated by purpose and accounting processes shall be established to provide for reporting by purpose.
(E) Amounts in the Streets, Sidewalks, and Drainage Fund are intended to only be expended in accordance with a multi-year capital plan. The circumstances when it is appropriate to spend capital amounts outside this plan are subject to the objective criteria outlining the parameters of acceptable uses of capital funds as outlined below. The existence of the circumstances must be declared by a majority vote of the governing body establishing that one or more of the criteria listed below exists:
(1) Expenditures for emergency situations for life, health, or public safety issues for which no existing appropriation exists;
(2) Situations where a significant revenue decline arises that could not have reasonably been foreseen, and for which new revenue is not available and transfers of existing appropriations are not considered feasible or appropriate in maintaining existing service levels;
(3) Correcting the results of an inaccurate estimate, accounting error, or budgeting error;
(4) Expenditures where the proposed use is of a nonoperational nature involving capital or technical purchases having a useful life of greater than five years that will improve the efficiency of the city government. These efficiency improvements should result in tangible benefits that can be measured financially, through better service to the citizens, or in increased productivity for city employees; or
(5) Expenditures where the proposed use is of a nonrecurring nature, such as a study, start-up costs of a program whose ongoing costs are otherwise funded, economic development opportunities or matching funds for a grant. These expenditures should result in tangible benefits that can be measured financially, through better service to the citizens, or in increased productivity for city employees.
(Ord. 2047, passed 5-16-23)