(A) There is hereby created the Contingency Fund.
(B) The Common Council may appropriate and transfer to the Fund such amounts as the Common Council from time to time may deem reasonable. These appropriations or transfers may be made from any unencumbered or unappropriated account or fund, which is not otherwise restricted by law.
(C) With the passage of this section, the Fund shall be initially funded by a transfer of $300,000 funded from the COIT account.
(D) The Fund shall be systematically funded each year by the unused and unencumbered balances in other city funds or monies that are received by the city. The monies transferred by the city during any fiscal year shall not exceed 10% of the city's budget for the fiscal year.
(E) The Fund shall only be expended upon appropriation by the Common Council. The Fund shall only be used for emergencies as determined by the City Council.
(Ord. 66-11-07, passed 11-11-07)