The proceeds of the special tax imposed by this chapter shall be placed in a special, separately accounted-for fund to be used for the design, construction and furnishing of a new Monrovia library facility in Library Park, including the payment of principal, interest, and other financing costs with respect to any indebtedness, lease or other obligation incurred for those purposes, and for no other purpose. The proceeds of the special tax imposed by this chapter shall not be used for the salaries of city or library staff or administrators. All expenditures from the special fund containing the library special tax revenues shall be audited not less than once each fiscal year by an independent auditor and the results of such audit shall be presented to the community and to the City Council at a regular meeting of the City Council, with copies made available on the city's website and to the public and press upon request.
(Ord. 2007-01 § 1, 2007)