(A) (1) A new fund, called the Capital Projects: City Building Fund, is created by utilizing a loan from the Kentucky Municipal Finance Corporation “Key Lock” Revenue Lease Program, payment from the Glasgow Water Company and any additional overrun monies that directly affect the Glasgow Water Company.
(2) The remainder of the monies to complete this project, shall come from the city’s General Fund Surplus.
(B) The city’s Building Fund is to erect a new city hall that will be sufficient to take care of present and future growth needs and services for the citizens of the city.
(C) The city’s Building Fund is created to account for transfers made from the General Fund to account for partial funding of the project and to account for repayment of principal and interest from loan made to complete this project through this new Fund.
(1989 Code, § 33.34) (Ord. 2013, passed 6-28-1993)