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(a) Establishment. There is hereby established a Capital Projects Fund which shall be known and referred to as the Land Acquisition 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 Land Acquisition Fund and thereafter to show its existence and condition at all times upon the proper records of the City.
(b) Money for Fund. There shall be paid directly into the Land Acquisition Fund, when and as received, all money appropriated to the Fund by Council from whatever source acquired.
(c) Authorized Expenditures. The Land Acquisition Fund shall be used only for the expense of the purchase of additional land within the City of Lakewood to be developed for use as Parks, Parking or assisting economic development.
(d) Custody of Fund. The Director of Finance shall have possession and custody of the Land Acquisition 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 Land Acquisition Fund shall be under the protection of any bond heretofore given or that may be given hereafter by the Director of Finance.
(Ord. 1-00. Passed 2-22-2000.)