(A) There is hereby established an Equipment Capital Reserve Fund, the money in which shall be used, from time to time, for the purchase or replacement of equipment, machinery and motor vehicles for the Department of Public Affairs, Department of Public Safety and Department of Streets and Public Improvements.
(B) Council may appropriate monies from general city funds to be paid into the Equipment 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 matter as may be determined by Council.
(D) The sum of $6,000 shall be placed in said Capital 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 as legal investments for sinking funds of municipalities.
(Ord. 1080, passed 2-20-1967)