(a) Re-established. There is hereby re-established and continued within the City a Capital Reserve Fund. The purpose of the Capital Reserve Fund is to allow the expenditure of funds, subject to the approval by Council, for the construction, reconstruction, purchase or replacement of, or addition to municipal buildings, public works, equipment, machinery, motor vehicles or other capital assets.
(b) Transfer to Fund. Council may in the initial approved annual budget, or at any time through a budget revision subject to the approval of the Tax Commissioner, transfer funds into the Capital Reserve Fund.
(c) Transfer Back to General Fund. If it is deemed to be necessary or convenient, the City Manager may, with Council's prior approval, direct the transfer back to the General Fund, at any time, any funds accumulated in the Capital Reserve Fund.
(d) Expenditures from Fund. Expenditures from the fund shall be made only in accordance with the approval of Council.
(Ord. 88-17. Passed 8-18-88.)