183.06 LAND ACQUISITION AND DEVELOPMENT FUND RESTRICTIONS.

   (a)   There is hereby established a Park and Recreation Land Acquisition and Physical Improvement Fund which shall be funded in accordance with the provisions of this chapter. Monies from said fund may only be expended for acquiring real estate for park and recreation purposes and for the acquisition and installation of physical improvements to real estate owned by the City and used for park and recreation purposes. Monies from said fund may also be used to pay interest and principle on notes and bonds issued by the City for such purposes.

   (b)   For the purposes of this section, the term “physical improvements” means the acquisition or expansion of and installation or construction of any physical property or object, including buildings, structures and equipment, physically attached or to be attached in, to or under real estate, with an estimated life or usefulness of three years or more and an estimated value in excess of one thousand dollars ($1,000.00) and the improvement or renovation of any existing property or facility used for park or recreation purposes where the estimated life or usefulness of the improvement or renovation exceeds three (3) years and has an estimated value in excess of one thousand dollars ($1,000.00).

   (c)   For the purposes of this section, the terms “physical improvements” and “improvement or renovation” do not include on-going repairs, maintenance or upkeep of the physical improvement after acquisition and installation or construction.

(Ord. 2018-035. Passed 12-18-18.)