(a) Establishment. There is hereby established a special, separate and permanent fund which shall be known and referred to as the Recreation Improvement Fund. The Director of Finance is hereby authorized and directed forthwith to take such action and to make such records as may be necessary to establish the Recreation Improvement Fund and thereafter to show its existence and condition at all times upon the proper records of the City.
(b) Moneys for Fund. There shall be paid directly into the Recreation Improvement Fund, when and as received, all money appropriated to the Fund by Council from whatever source acquired.
(c) Authorized Expenditures. The Recreation Improvement Fund shall be used only for the expense of the purchase of major improvements to established recreational facilities, including but not limited to major filter improvements at swimming pools, parking lot improvements and replacement of large sections of pipe at the Winterhurst-Lakewood Municipal Skating Rink.
(d) Custody of Fund. The Director of Finance shall have possession and custody of the Recreation Improvement Fund and the supervision of all accounts with respect thereto. No further bond shall be required of the Director of Finance because of the Fund, but the Recreation Improvement Fund shall be under the protection of any bond heretofore given or that may be given hereafter by the Director of Finance.
(Ord. 77-64. Passed 7-20-64.)