123.01 CAPITAL IMPROVEMENT FUND.

   (a)    There is hereby created a Capital Improvement Fund for the purpose of receiving the revenues designated by subsection (b) hereof. Such funds shall be used for the construction of certain capital improvements or for the payment of debt service on notes or bonds issued for the construction of such capital improvements.

   (b)    The following revenues are hereby authorized to be paid into the Capital Improvement Fund:

      (1)    Interest on the investment of municipal funds, as provided in Ohio R. C. 731.56 and 731.57, shall be paid into the Capital Improvement Fund, except that where part of the money so received is taken from the special fund or funds derived from the sale of bonds, notes or other certificates of indebtedness, that portion of the interest so earned by such investments shall be paid into the Bond Fund of the City. (Attorney General's Opinion, No. 2190, June 4, 1958, Controlling. )

      (2)   Receipts from the sale of lots and lands accruing to the General Fund shall be transferred to the Capital Improvement Fund. Proceeds from the sale of permanent improvements are excluded from transfer.

         (Ord. 21-1965. Passed 2-22-65.)

      (3)    Fifteen percent of the revenues of the Municipal Court of the City paid into the General Fund in excess of the expenses necessary for the operation of the Municipal Court shall be transferred quarterly from the General Fund to the Capital Improvement Fund.

         (Ord. 18-1991. Passed 2-11-91.)

   (c)    Revenues from the sources stated in subsection (b) hereof shall be permitted to accumulate in the Capital Improvement Fund for the purpose of constructing various capital improvements or for the retirement of the debt incurred in connection with the construction of such capital improvements.

   (d)    Capital improvements to be constructed from the Capital Improvement Fund must meet the following requirements:

      (1)    Such capital improvements must have a life of at least five years.

      (2)    Such capital improvements shall be of a general benefit to the residents of the City.

      (3)    Such capital improvements shall not be in the field of municipal utilities.

      (4)    Such permanent improvements shall be or shall already have been designated by Council.

   (e)    The Finance Director is hereby directed to collect and make distribution of funds at the effective date of this section (Ordinance 21-1965, passed February 22, 1965) as authorized by subsection (b)(1) and (2) hereof. The effective date of subsection (b)(3) shall be March 1, 1965.

(Ord. 21-1965. Passed 2-22-65.)