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(A) Creation of Fund. There is hereby established an "Elkhart Capital Outlay Fund" to receive transfers of unused and unencumbered funds raised by a general or special tax levy on taxable property of the city.
(B) Purposes of Fund. The funds on deposit in the Elkhart Capital Outlay Fund may be used solely for any expenses related to projects or equipment estimated by the City Controller to have a total cost in excess of $ 100,000.
(C) Transfers to Fund. On or before March 1 of each year, the City Controller may transfer an amount not to exceed $500,000 of the unused and unencumbered funds remaining from the general or special tax levy from the previous calendar year to the Elkhart Capital Outlay Fund.
(D) Appropriations from the Fund. The Common Council shall authorize the expenditure of funds from the Elkhart Capital Outlay Fund by appropriations made in the same manner as other funds that receive tax monies upon making a finding that the proposed use of the funds is consistent with the intent of the Fund.
(E) Non-reverting Fund. Monies deposited in the Elkhart Capital Outlay Fund shall not revert to other funds unless the Elkhart Capital Outlay Fund is terminated by ordinance of the Common Council. In the event that the Elkhart Capital Outlay Fund is terminated, any monies in the Elkhart Capital Outlay Fund are to be transferred by the City Controller to the General Fund.
(Ord. 5640, passed 1-8-2018)