(A) Fund established.
(1) There is hereby established in the city, in addition to other funds established in accordance with law, a Capital Outlay Reserve Fund. Said Fund shall be utilized for capital expenditures as may be designated from time to time by the city, including, replacement and purchase of equipment and buildings.
(2) The Fund shall be maintained by the City Clerk or Finance Director in an authorized banking institution in investments permitted by law as approved by the City Council.
(1978 Code, § 214.01)
(B) Fund investments. The Council shall annually appropriate an amount as determined by it to be placed in the Capital Outlay Reserve Fund from the General Fund or any other available fund or account of the city.
(1978 Code, § 214.02)
(C) Intra-fund transfers. In the event that the Council determines that it is necessary to transfer funds from the Capital Outlay Reserve Fund 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 Council setting forth the date and time of repayment to the Capital Outlay Reserve Fund and the interest, if any, to be paid.
(1978 Code, § 214.03)
(Ord. 86-9, passed 9-15-1986)