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A. The commons capital nonreverting fund #114 is hereby established. The fund shall be perpetual or until terminated by subsequent ordinance.
B. The city clerk-treasurer shall transfer all unexpended operating funds from the commons operating budget held within park and recreations fund 211 parks nonreverting on December 31 of each calendar year into fund #114. The city clerk-treasurer shall invest and reinvest the proceeds in fund #114 for each year's approved commons operating budget.
C. Expenditures from the fund, outside of the year's approved commons operating budget, shall be exclusively for capital improvements and the maintenance of the commons.
D. The commons board and the parks board shall coordinate requests for expenditures from the fund as provided and approved by the common council.
(Ord. 11-01, 2011)