(a) Establishment. There is hereby established a City Park 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 City Park Improvement 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 City Park Improvement Fund, when and as received, all revenue obtained from the lease of the gas well located at Lakewood Park by and between the City of Lakewood and Ronald A. Gibson and Associates, Inc.
(c) Authorized Expenditures. The City Park Improvement Fund shall be used only for capital improvements and debt service related to capital improvements made to existing parks within the City of Lakewood.
(d) Custody of Fund. The Director of Finance shall have possession and custody of the City Park Improvement Fund and the supervision of all accounts with respect thereto. No further bond shall be required by the Director of Finance because of the Fund, but the City Park Improvement Fund shall be under the protection of any bond heretofore given or that may be given hereafter by the Director of Finance.
(Ord. 29-01. Passed 11-19-2001.)