(a) Establishment. There is hereby established a special, separate and permanent fund which shall be known and referred to as the Hospital Capital Outlay and Depreciation Fund. The Board of Trustees of the Lakewood Hospital and the Director of Finance are authorized and directed forthwith to take such action, and the Director of Finance is directed to make such records, as may be necessary to establish the Hospital Capital Outlay and Depreciation Fund, and thereafter to show its existence and condition at all times upon the proper records of the City. (Ord. 4188. Passed 7-19-1943.)
(b) Revenues to Fund. As of the close of business the last day of each calendar month, the Director of Finance shall determine the total of:
(1) Cost of hospital operation for both such month and the next preceding calendar month, and
(2) The accrued hospital obligations, including therein only such items as authorized by the Board either specifically or by general rule, which total is hereby considered to be the necessary, and is hereinafter designated and referred to as "working balance".
The Director of Finance shall also determine and notify the Board of Trustees of the amount in the Hospital Fund as of the last day of each calendar month and if, on any such date, the amount in the Hospital Fund exceeds the working balance, then, subject to the provisions of subsection (c) hereof, all income from hospital operation during the next succeeding calendar month as shall not exceed the sum by which the amount in the Hospital Fund exceeded the working balance on such last day as so determined, shall be paid directly into the Hospital Capital Outlay and Depreciation Fund; otherwise, but subject to the provisions of subsection (c) hereof, all income shall be paid directly into the Hospital Fund. There shall also be paid into the Hospital Capital Outlay and Depreciation Fund all gifts, bequests, devises, trusts or the income therefrom, as the case may be, in accordance with and subject to the provisions or conditions of any such gift, bequest, devise or trust; all moneys from the General Fund appropriated by Council for purposes of capital outlay and maintenance of the Hospital unless payment is otherwise directed by Council; any money that may be transferred in any manner by Council or by order of court to the Hospital Capital Outlay and Depreciation Fund from any other fund; all money received from any source on account of depreciation or for capital outlay; and upon order of the Board of Trustees, all other unencumbered and unrestricted moneys from whatever source. All moneys paid directly into the Hospital Capital Outlay and Depreciation Fund as hereinbefore ordered are hereby appropriated to the Hospital Capital Outlay and Depreciation Fund and for the purposes provided in this section.
(c) When Revenues to Bond Retirement Fund. In the event the Hospital Capital Outlay and Depreciation Fund shall amount to not less than three hundred thousand dollars ($300,000) as of the last day of any calendar month, and in the further event any Hospital bonds issued prior thereto are unpaid on such dates, any income which would otherwise be payable into the Hospital Capital Outlay and Depreciation Fund and not restricted against use for bond retirement shall, in lieu thereof, be paid into the Bond Retirement Fund to be applied to the payment of interest and the retirement of such bonds issued for Hospital purposes until such time as the bonds have been fully paid.
(d) Direction of Fund. The Hospital Capital Outlay and Depreciation Fund shall be under the direction and control of the Board of Trustees of the Lakewood Hospital which, subject to provisions of law applicable thereto, shall have power to expend it as it shall deem best for the purpose of making necessary improvements and repairs to grounds, buildings or equipment, the purchase of replacement or additional equipment and fixtures, the purchase of additional real estate with or without buildings for Hospital purposes and for the payment of the principal necessary to retire the Hospital bonds dated February 1, 1949, issued in the original principal amount of four hundred thousand dollars ($400,000) and known as Hospital Building and Improvement Bonds. (Ord. 36-54. Passed 7-19-54.)
(e) Supervision of Accounts. The Director of Finance shall have the possession and custody of the Hospital Capital Outlay and Depreciation Fund and the supervision of all accounts with respect thereto. Nothing in this section shall be construed as withdrawing the Fund or any part thereof from the protection of any bond given or that may be given by the Director. No further bond shall be required because of such Fund. No additional salary shall be paid the Director by reason of services to or in connection with the Fund.
(f) Annual Estimates of Income and Expense. On or as soon after July 15 as is possible in each year, or upon request by Council, the Board of Trustees shall transmit to Council for inclusion in the budget the amount of income expected from Hospital operations during the next year, the amount expected to be required for the purpose of making necessary repairs to grounds, buildings or equipment, the purchase of replacement or additional equipment and fixtures, and the purchase of additional real estate with or without buildings, for hospital purposes, the amount of the appropriation from the General Fund expected to be required and such other information as may be requested by Council or provided by statute or ordinance.
(g) Annual Request for Appropriation. On or as soon after November 15 of each year as may be possible, the Board of Trustees shall prepare and submit to Council its request for an appropriation from the General Fund, together with such information pertaining thereto as may be required by the Charter, by statute or ordinance, or requested by Council.
(Ord. 4188. Passed 7-19-43.)