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A. There is hereby established within the City of Coeur d'Alene a "Capital Improvement Fund" which shall be known and cited as "the Coeur d'Alene Public Parking Facility Capital Improvement Fund". The levy or appropriation to such fund shall not exceed in the aggregate in any one year four-hundredths of one percent (0.04%) of the market value for assessment purposes of the City of Coeur d'Alene in that year. The total amount of such fund shall never exceed in the aggregate four-tenths of one percent (0.4%) of the market value for assessment purposes of the City of Coeur d'Alene. The fund shall not be subject to transfers pursuant to Idaho Code section 50-1014.
B. The purposes for which the Coeur d'Alene Public Parking Facility Capital Improvement Fund may be used are as follows:
1. The acquisition of land, buildings, structures, equipment and appurtenances necessary for the parking of motor vehicles.
2. The construction of public off street parking facilities, buildings, structures, equipment and appurtenances necessary for the parking of motor vehicles.
3. The improvement of Coeur d'Alene public parking facilities by upgrading equipment and appurtenances, grading, paving, sealing, signing, striping, draining or otherwise.
C. None of such funds shall be expended unless specifically appropriated by the City Council pursuant to Idaho Code sections 50-1001 through 50-1003. (Ord. 3632, 2019)