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(A) There is hereby established a Redevelopement Capital Reserve Fund, the money in which shall be used, from time to time, for redevelopement within the city.
(B) Council may appropriate monies for said city funds to be paid into the Redevelopement Capital Reserve Fund or place in the Fund any monies received from the sale, lease or other disposition of any city property or from any other source unless received or acquired for a particular purpose.
(C) The Fund shall be controlled, invested, reinvested and administered and the monies therein and income from such monies expended for the specific purpose or purposes for which the Fund is created in such manner as may be determined by Council.
(D) The sum of $8,000 shall be placed in said reserve fund as a portion of the amount appropriated for capital improvement reserve funds by Ord. 1072.
(E) The money in the Fund when invested shall be invested in securities designated by law for sinking funds of municipalities.
(Ord. 1081, passed 3-6-1967)