(a) Date of Receipt of Proceeds of Sale.
1. Proceeds Received Prior to July 1, 2008. As to proceeds received prior to July 1, 2008, there shall be deposited into the Vacated Fire Department Facilities Fund all proceeds from the sale or rental of Fire Department facilities determined by the City Council to have been vacated; provided, however, that if these facilities were acquired, constructed, or improved in whole or in part with funds obtained by the sale of municipal bonds, the proceeds obtained from the sale of these facilities shall first be placed in that fund used for the payment of principal and interest on the bonds in the proportion that bond funds were used for the acquisition, construction, or improvement of the facility. When the purpose and object of the ordinance providing for the authorization of the bonds has been accomplished, and all principal and interest on the bonds have been paid, any balance of money then remaining shall be transferred to the Vacated Fire Department Facilities Fund.
2. Proceeds Received On and After July 1, 2008. As to proceeds received on and after July 1, 2008, there shall be deposited into the General Fund all proceeds from the sale of Fire Department facilities determined by the City Council to have been vacated; provided, however, that if these facilities were acquired, constructed, or improved in whole or in part with funds obtained by the sale of municipal bonds, the proceeds obtained from the sale of these facilities shall first be placed in that fund used for the payment of principal and interest on the bonds in the proportion that bond funds were used for the acquisition, construction, or improvement of the facility. When the purpose and object of the ordinance providing for the authorization of the bonds has been accomplished, and all principal and interest on the bonds have been paid, any balance of money then remaining shall be transferred to the General Fund.
(b) On and after July 1, 2008, the Controller is hereby directed to deposit into the General Fund all monies received from the rental of fire station facilities; provided, however, that if these facilities were acquired, constructed, or improved in whole or in part with funds obtained by the sale of municipal bonds, the proceeds obtained from rental of these facilities shall first be placed in that fund used for the payment of principal and interest on the bonds in the proportion that bond funds were used for the acquisition, construction, or improvement of the facility until the purpose and object of the ordinance providing for the authorization of the bonds has been accomplished, and all principal and interest on the bonds have been paid.
(c) Appropriations from the Vacated Fire Department Facilities Fund shall be authorized only by the City Council by order or resolution or through the budget process, and shall be used exclusively for construction or replacement of capital improvements related to Fire Department facilities.
SECTION HISTORY
Added by Ord. No. 153,956, Eff. 7-20-80.
Amended by: Ord. No. 179,938, Eff. 7-14-08.