(a) There is hereby created a financial stabilization fund for the city, and said fund shall be known as the Rainy Day Fund.
(b) Council may receive appropriations, gifts, grants and any other funds made available on behalf of the Rainy Day Fund.
(c) Council may appropriate a sum to the fund from any surplus in the General Fund at the end of each fiscal year or from any other money available.
(d) The amount of money in the fund may not exceed 30% of the city’s most recent General Fund budget, as originally adopted. When the fund exceeds the 30%, Council shall transfer the excess to any fund it considers appropriate.
(e) Council may invest the money in the fund as it considers appropriate, with the earnings retained by the fund.
(f) Council may appropriate money in the fund upon a majority vote for the following purposes:
(1) To cover a General Fund shortfall; or
(2) Any other purpose the city considers appropriate.
(Ord. passed 8-21-2001)