(a) Investments into the Rainy Day Fund (hereinafter “Fund”) from the account designated as the General Fund shall be allocated based upon any unappropriated surplus realized at the end of each fiscal year. Said investment into the Fund shall be at least 40% of such unappropriated surplus for any given year and shall be appropriated according to state law by July 28 of each year. The Council shall have the discretion, by proper motion and affirmative majority vote, to invest more than the minimum 40% of said surplus each year into the Fund. All such investments shall always comply with relevant state law, and shall specifically comply with W.Va. Code Chapter 8, Article 37, as amended, and the Rainy Day Fund Investment shall be placed on the Council’s agenda each year between July 1 and July 28 to allow for the appropriate investment.
(b) Investments into the Fund from all funds other than the General Fund shall be allocated and invested at the discretion of Council after considering recommendations of the duly appointed City Manager.
(c) This section shall be implemented and construed in conjunction with § 115.15.
(Ord. passed 2-4-2003)