The funds for capital improvements, previously created, are hereby continued in existence. The City Council by ordinance may create a special fund or funds for a special capital improvement purpose. Subject to the restrictions of the Constitution, the City Council may levy and collect taxes for capital improvements and may include in the annual tax levy a levy for such purposes in which event it must apportion and appropriate to any such fund or funds the money derived from such levy. It may not, in making such levy, exceed the maximum tax rate provided for in this Charter, unless authorized by majority vote at a City election. The City Council may transfer to any such fund any unencumbered surplus funds remaining on hand in the City at any time.
Once established, such fund shall be restricted to only the purposes for which it was created, unless the assent of the voters is expressed to the use of such fund for some other purpose by majority vote at a City election.