The Clerk-Treasurer is hereby directed and authorized to establish and maintain a fund to be entitled the “Rainy Day Fund” subject to the following terms and conditions.
(A) The source of funding for the Rainy Day Fund shall be supplemental distributions received by the city from the local income tax (LIT) and the economic development income tax (EDIT).
(B) The monies held in the Rainy Day Fund shall only be used for capital projects approved by Common Council.
(C) The Rainy Day Fund shall be subject to the same appropriation processes as the other city funds that receive tax money.
(Ord. 2004-5, passed 2-26-2004)