A. Application. There is hereby established a Boat Harbor Fund Capital Reserve Account. It is the city's intent in establishing this fund that it be used for capital expenditures or to purchase new equipment, replace existing equipment, or make major repairs to existing equipment or facilities so the King Cove Boat Harbor has adequate capital facilities and equipment to provide the public services it delivers. In addition, the fund can be used for the public safety and welfare of residents of the city if emergency needs exist.
B. Jurisdiction. Management of the Capital Reserve Account shall be by and through the city council.
C. Disbursements. The city council shall be the only authority authorized to make disbursements of funds from the Capital Reserve Account. Prior to making a disbursement, the city council shall make a finding that use these funds is necessary to make capital expenditures, purchase new equipment or replace or make major repairs to existing equipment or facilities in the boat harbor. Any such disbursement shall be authorized only by an ordinance appropriating funds for the particular need established by the city council.
D. Contributions. Contributions to the Capital Reserve Account may occur from each of the following sources:
1. Revenues the city receives from the lease of rental of boat harbor facilities or equipment shall be deposited in the account on a quarterly basis unless the city council acts by ordinance not to deposit specific funds received from equipment leases or rentals; provided, however, that mooring rentals and other fees for harbor services received in the normal course of operation of the boat harbor shall be deposited in the King Cove Harbor Fund pursuant to § 11.10.310.
2. A percentage of the revenues the city receives from providing public services involving the use of facilities or special equipment that will periodically need to be replaced will be deposited in the account on a quarterly basis. The mayor will confer with the city council on the percentage of the above revenues that shall be deposited in the account.
3. The city council may, from time to time, make contributions to the account as it deems appropriate by city council ordinance appropriating the same.
E. Investment of the Fund. The city council shall have the full responsibility and authority for the investment of funds in the account. The city council shall, by city council resolution or action where a quorum is duly constituted, establish and direct the investment portfolio of all funds appropriated to the account.
(Ord. 88-12 § 4, 1987; Ord. 94-1 § 4, 1994; Ord. 07-06 § 3, 2007)