(A) There is hereby created a separate fund to be known as the “Street Repair Fund” into which shall be transferred and set aside the proceeds of the special ad valorem tax for the Project. All proceeds of the Street Repair Fund shall be kept apart from other funds of the city and shall be accounted for separately. The proceeds in the Street Repair Fund shall be invested in accordance with applicable law, and all income derived therefrom shall be carried to the credit of the Street Repair Fund and shall become a part of the proceeds of said Fund. The proceeds constituting the Street Repair Fund shall not be disbursed, expended, pledged, encumbered, or transferred by any use or purpose other than provided by this section. Any proceeds remaining in the Street Repair Fund at the end of any fiscal year shall remain in said Fund and be carried over to the succeeding fiscal year for use as provided by this section.
(B) There is hereby created a separate fund to be known as the “Acquisition Fund” into which shall be transferred and set aside the proceeds of the special ad valorem tax for the Acquisition Project. All proceeds of the Acquisition Fund shall be kept apart from other funds of the city and shall be accounted for separately. The proceeds in the Acquisition Fund shall be invested in accordance with applicable law, and all income derived therefrom shall be carried to the credit of the Acquisition Fund and shall become a part of the proceeds of said Fund. The proceeds constituting the Acquisition Fund shall not be disbursed, expended, pledged, encumbered, or transferred by any use or purpose other than provided by this section. Any proceeds remaining in the Acquisition Fund at the conclusion of fiscal year 2012-2013 shall be transferred to the Street Repair Fund.
(2010 Code, § 54.03) (Ord. 5, 2012, passed 3-12-2012)