(A) The office of the Finance Department shall deposit the proceeds of the city gas tax imposed by this subchapter into a separate fund created by that office and designated “City Gas Tax Fund.” The office of the Finance Department shall deposit investment earnings and other monies credited to the City Gas Tax Fund into that Fund.
(B) The City Gas Tax Fund shall be a specifically designated fund for the express purpose of capital improvements, including street construction and rehabilitation, curb and gutter work, storm sewer, sidewalk and other street-related improvements. By a majority vote of the corporate authorities, the City Gas Tax Fund may be pledged by the city as security for the repayment of monies borrowed by the city to be used for capital improvements as defined in this section.
(1990 Code, § 27-66) (Ord. 06-3114, passed 2-6-2006)