(a) The Council may, by ordinance, establish and maintain accounts for accumulating moneys to be used for acquiring, extending, altering, constructing or repairing public improvements and for the purchase of equipment of any type, in each case either for a specific item or items or for future unspecified public improvements or equipment, or both.
(b) Appropriations to such accounts may be made by the Council either in the annual appropriation resolution or, from time to time during the fiscal year, from available funds, from whatever source derived, which are not required for other appropriations or obligations of the city. Such accounts shall be continuing accounts and the balances therein at the end of each fiscal year shall remain a part thereof.
(c) At the end of each fiscal year, the Council may, by an affirmative vote of five (5) or more of its members, transfer any unencumbered budget balance or any part thereof into one or more of the accounts authorized to be created by this section.
(d) Moneys which are accumulated for the purpose of public improvements, as set forth in subsection (a) hereof, shall be used only at the direction of the Council, and only for the purpose provided in the original ordinance establishing such account, unless their use for some other municipal purpose be authorized by a majority vote of the electors of the city who vote on the proposition to amend such ordinance to provide for a change in the use of the moneys in such account. Any such amendment may be submitted to the electors by the Council or by initiatory proceedings provided in Chapter 5 of this charter. After the purpose of any such account has been fulfilled, any balance remaining therein may be transferred by the Council to any other special account or to the general fund of the city.
(e) Moneys which are accumulated for the purpose of purchasing equipment, as set forth in subsection (a) hereof, shall be expended only for the purpose provided in the ordinance establishing any such account, or as such ordinance may be amended from time to time, and, when no longer required for such purpose, such moneys or any part thereof may be transferred to the general fund by a resolution of the Council. No vote of the electors of the city shall be required to authorize any such amendment, but the initiative procedure provided in Chapter 5 of this charter shall be available to the electors of the city.
(f) If moneys accumulated in any special fund authorized by this section shall not be expended for the purpose for which they have been set aside and accumulated for a periof of three (3) years after the entire amount needed therefor has been accumulated, the amount of such fund shall revert to the general fund of the city or may be expended for any public improvement in the city or purchase of equipment for the city, if authorized to be so expended by an affirmative vote of five (5) or more members of the Council, or by an amendment of the ordinance creating the fund with the approval of the electors of the city as provided in subsection (d) of this section.