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(A) There is established a Capital Cumulative Reserve Fund to provide money for the purpose of acquiring, constructing, maintaining, altering, repairing, or improving any public works. The Fund shall be created and maintained by such moneys, whether raised or acquired by taxes, loans, gifts, grants, or otherwise as the Metro Council may from time to time consistent with its authority by ordinance order to be appropriated, transferred, or credited to the Fund.
(B) The term "public works" refers to lands, buildings and structures, or either or both, and shall include municipal buildings wherein any governmental function of the municipality, or any department, or agency thereof, may be located and carried on; parks, schools, cultural or recreational buildings, centers, structures, or lands; bridges, viaducts, overpasses, and underpasses; streets, roads, highways, sidewalks, and alleys; sewers, incinerators, garbage disposal plants, and other public sanitary structures or lands; public housing projects; public redevelopment or reclamation projects; and public utilities. The foregoing enumeration is to be construed as illustrative rather than exclusive, and other types of public buildings, structures, or lands, which appear useful or necessary for public uses shall be included in the term.
(C) All moneys paid into the Reserve Fund shall accumulate in the Fund until expended at such times and in such amounts and for such purposes as the Council, consistent with this authority and the purpose of the Fund herein expressed, may, from time to time direct, or until such moneys have been transferred into the General Fund. Any moneys to be expended from the Reserve Fund for a particular project, if unexpended at the completion of that project as determined by the Finance Director, shall be returned to the unappropriated balance of the Capital Cumulative Reserve Fund.
(D) All money in the Reserve Fund, prior to the time of its expenditure for some public works, may be invested, pursuant to the provisions of KRS 66.480, but only in bonds and direct obligations of the United States government, and the interest and income from such investments shall be a part of the Fund. The nature of such investments shall be such as to facilitate the realization of the cash proceeds thereof as and when directed to be expended for public works, and so far as practical, maturity dates shall conform to the expected date of utilization of the funds invested.
(Lou. Metro Ord. No. 11-2003, approved 2-13-2003)