Decisions for expenditures of Heritage Infrastructure Fund must be made during the city's annual budget process. The Heritage Infrastructure Fund must be included in budget resolutions as a funding source. Annual fund allocations must be considered as a part of the public hearing on the annual budget.
(A) Reports. The City Manager must annually submit, prior to July 1, a report to the Council which must show such detail about the fund as may be requested by the Council.
(B) Temporary borrowing. The Council may by resolution authorize loans from the fund for any capital purpose. The term of such a loan may not exceed three years and it must bear interest payable to the fund at a rate of interest not less than the average annual percentage yield on all investments of the fund for the fiscal year in which the loan is made.
('72 Code, § 130:30) (Ord. 1991-685(A), passed 11-25-91; Am. Ord. 1999-901, passed 6-28-99)