(a) The Fund shall consist of unused and unencumbered balances or any other funding source approved by I.C., 36-1-8-5, unless otherwise restricted by Indiana or Carmel City Code.
(b) The monies transferred by the City into the Fund shall not exceed 10% of the City's total annual budget for that fiscal year.
(c) All monies transferred by the City to or from the Fund shall be transferred pursuant to a Common Council resolution to be made at any time during the year.
(d) On January 1
st of 2020 and on January
1
st of each year thereafter, the Fund balance must be equal to or greater than 10% of the City’s annual General Fund budget passed in the prior year.
(e) Nothing in this Section 2-110 shall prevent the Common Council from transferring monies from the Fund as it deems necessary in a resolution passed by the Common Council with a two- thirds majority voting in the affirmative.
(Ord. D-1535-01, 9-17-01; Ord. D-2067-11, 11-7-11; Ord. D-2115- 12, 11-19-12; Ord. D-2461-19, § II, passed 4-15-19)