(A) There is hereby established a Capital Improvement Fund, which may receive money from any source, including from other city funds that have been allocated in any budget year, but not expended or encumbered by the end of the fiscal year. Money in the Capital Improvement Fund must be invested pursuant to law and all interest and income from the investment must be deposited in the Capital Improvement Fund.
(B) There is also established a Capital Improvement Program (CIP) for the city, which shall designate and list in priority order, along with the estimated cost, those capital facilities and items of capital equipment proposed for replacement or refurbishing by means of the Capital Improvement Fund for approval by the City Council during the annual budget process.
(Ord. 2013-03, passed 8-19-2013)