Out of the taxes levied each year six cents (6 cents) on each one hundred dollars ($100.00) of taxable property shall be set aside to be expended only in the acquisition of lands, rights of way, or buildings, or the construction of street improvement work, buildings, structures, or other public work or improvements of an estimated life of not less than ten years. The money collected and set aside as above provided shall be placed in a fund designated as the “Permanent Improvement Fund”, and, notwithstanding any other provision of the Charter, shall remain in said fund until expended for the purposes herein authorized, and shall not be transferred to the “reserve fund.”
SECTION HISTORY
Based on Charter, Sec. 3(1)(b).