(A) Fund created. There is hereby created a permanent restricted fund for the city to be known as the Capital Improvement Fund.
(B) Purpose. The purpose of the Capital Improvement Fund is to provide financing for the construction, rehabilitation, repair or renovation of capital improvements to be owned and/or operated by the city, for the city’s Wastewater and Sewage and Water Department and other capital improvement projects as determined by the City Council.
(C) Definition. For the purpose of this section, the following definition shall apply unless the context clearly indicates or requires a different meaning.
CAPITAL IMPROVEMENT. Includes the following:
(a) The acquisition of real property to be used by the city to provide for the city’s services to the citizens of the city;
(b) The improvements, structures, infrastructure and other fixtures to be constructed on such real property; or
(c) Tangible personal property that:
1. Has a useful life of one year or more;
2. Which has a unit price of $1,000 or more; and
3. Is for the purpose of providing wastewater or sewer services or potable water to the residents of the city, or as otherwise determined by the City Council.
(D) Use of funds. The funds of the Capital Improvement Fund are restricted and shall be expended only for the purposes set forth in this section.
(Ord. 2015-02-8, passed 2-10-2015)