A. Alternative use resolution. The city shall not use reserve funds to balance the general fund budget, or for a project or operations unrelated to the purpose of the reserve funds account, unless the City Council adopts a resolution authorizing such alternative use.
B. Statement of intent regarding repayment. A resolution authorizing an alternative use of reserve funds shall state whether the City Council does or does not intend to replenish the reserve funds account with the amount of the reserve funds being used for the alternative purpose.
C. Repayment plan approval. If City Council intends to replenish a reserve funds account that is used for an alternative purpose, then the City Manager shall submit a proposed repayment plan to the City Council for consideration within 60 days of adoption of the resolution authorizing such use. The City Council may approve a repayment plan by minute order. Any approved payment plans shall be added as an appendix to the city’s adopted budget.
D. Repayment plan modification/cancellation. The City Council may change the terms of an approved repayment plan, or may cancel an approved repayment plan, at any time by minute order.
(Ord. 1235, passed 11-15-22)