A. The proceeds of said fund, together with any interest and increments thereto, may, at the discretion of the city council, be used for capital improvement purposes only, including, but not limited to:
1. Principal and interest obligations of the city or the Lone Grove water and sewerage trust authority relating to any municipal debt incurred for the purpose of funding municipal or utility equipment or infrastructure;
2. Cash expenditures, including lease-purchases, for capital improvements or equipment for parks and open space, streets and traffic, water, sewer, storm drainage and sanitation, utilities, public buildings and other projects;
3. Where transfers from said fund, or any part thereof to a sinking fund or other appropriate city of Lone Grove fund or Lone Grove municipal trust authority fund is necessary to accomplish such purposes, the city council is authorized to make such transfer of funds. (Ord. 2012-243, 6-18-2012, eff. 6-18-2012)