SECTION 7.08. CAPITAL IMPROVEMENT RESERVE FUND.

   Council shall create and maintain a Capital Improvement Reserve Fund. Not less than twenty-five percent (25%) of the total annual revenue of any tax not to exceed 1% on income or wages levied by the City shall be paid into the Fund. Council may transfer or appropriate thereto monies in any other fund of the City not needed for the purpose of such fund and available for transfer as provided by general law. Monies in the fund shall be expended for no other purpose than to:

   1.   Construct or acquire, by purchase (either for cash or by installments), lease, or lease with option to purchase, permanent improvements, including property or interest in property of all kinds and necessary equipment.

   2.   Transfer to the Bond Retirement Fund to pay interest and principal, on notes and bonds issued by the City for such purpose.

      (Amended February 4, 1992)