(A) Fund established. There is hereby established in the city, in addition to other funds established in accordance with law, a Park Development Fund. Said Fund shall be utilized for any legal expenditure and park development expenditures as recommended by the Park Commission and City Council, including replacement and purchase of park equipment as authorized from time to time by the city. The Fund shall be maintained by the City Administrator or Financial Officer in an authorized banking institution in investments permitted by law as approved by the City Council.
(B) Fund investments. The City Council shall annually appropriate an amount determined by it to be placed in the Park Development Fund from the General Fund or any other available fund or account of the city. The Park Commission shall make a recommendation prior to City Council action.
(C) Intra-fund transfers. In the event that the City Council determines that it is necessary to transfer funds from the Park Development Fund for a non-fund purpose to another fund or account to be utilized for some other purpose than that set forth in division (A) above, the transfer shall be made only upon resolution of the City Council setting forth the date and time of repayment to the Park Development Fund and the interest, if any, to be paid.
(Ord. 98-11, passed 12-22-1998)