SECTION 7.09. CAPITAL INVESTMENT TRUST FUND.

   Council shall create and maintain a Capital Investment Trust Fund. The balance of all monies received by the City from the sale of any public utility or real estate or interest in real estate owned by the City, after payment of any obligations of the City required to be paid from such monies, shall be paid into the Fund.

   Monies in the Fund may be expended, upon approval of a majority of the electors of the City voting at an election for such purpose, for which Council may provide by ordinance, to construct or acquire permanent improvements.

   Any income resulting from the Fund shall be paid into the General Fund.

(Amended November 5, 1991)