The Permanent Improvement Revolving Fund shall be a permanent fund of the city. The monies in said fund shall be used only for the following:
(1) Payment of costs lawfully incurred for improvements, the obligation for which is payable wholly or partially from the proceeds of special assessments levied upon property specially benefited by the improvement; and
(2) Any public convenience from which revenue is or may be derived, provided that the full faith and credit of the city is pledged to replace any deficiencies in such revenues.
(1958 Code, § 83.02) (Ord. 32, passed 6-26-1961)