(a) There is hereby created and established a Cumulative Reserve Public Works Preservation Fund. Such fund shall be used only for such public works projects as determined by the majority of the members of Council eligible to vote and approved by the Mayor. The Cumulative Reserve Public Works Preservation Fund shall be financed by at least twenty-five percent (25%) and not more than fifty percent (50%) of any revenues received by the City from any industrial development, industrial park, or the inclusion of new land area to the City, and any balance remaining in such Cumulative Reserve Public Works Preservation Fund from the previous fiscal year.
(b) Public works projects as used in this section shall be maintenance, rehabilitation, repair, renovation or replacement of existing municipal public works facilities, including streets, storm sewers, culverts, parks and public buildings.
(c) In the appropriation of funds for specific public works projects, Council and the Mayor shall consider documented condition information, maintenance standards, engineering standards, intensity of use, safety factors, project feasibility, cost-effectiveness and other relevant factors.
(d) Moneys credited to the Cumulative Reserve Public Works Preservation Fund shall be applied to the lump sum or installment payment of public works projects or to the payment of the principal or interest or premium on any bonds or notes issued by the City to finance public works projects. (Ord. 84-36. Passed over veto 12-31-85.)