(A) Pursuant to M.S. § 471.57, as may be amended from time to time, there is established a fund to be known as the Public Works Reserve Fund, which shall be used for capital improvements.
(B) There shall be accumulated in the Public Works Reserve Fund:
(1) The proceeds of any taxes levied for its support;
(2) Fund earnings; and
(3) Other revenues as may be directed by the Council to be placed in the Fund and which are not required by statute to be paid into some other fund or used for other purposes.
(C) In authorizing additions to the Fund from time to time, the Council may stipulate that such additions or portions thereof shall be used for specific projects or types of improvements and there shall be no diversion from the designated purpose unless approved by the voters according to law.
(D) The money in the established Fund shall be invested temporarily in obligations in which investment of municipal funds is authorized by M.S. § 475.66, as amended by Laws 1965, Ch. 300, and as may be amended from time to time.
(Prior Code, § 8-5) (Ord. 539, passed - -)