(a) The Fund may be utilized for the financing of city projects and expenditures. Said financing shall be accomplished by the lending of moneys from the Fund for the designated projects and/or expenditures. However, only the balance in the Fund which is in excess of $100,000 shall be used for said financing of city projects and/or expenditures. The interest rate and all necessary terms and conditions for each individual loan shall be set by Council prior to the establishment of each loan.
(b) In a year where the city experiences a shortfall and/or deficit in the General Fund, the Council shall have the discretion, by proper motion and affirmative majority vote, to transfer up to 20% of the Fund to the General Fund in order to offset said shortfall and/or deficit. At no time, shall said transfer be in excess of 20% of the total Fund.
(c) The duly appointed City Manager is designated the authority to present proposals to the Council, at any time, for the expenditure and/or lending of up to 15% of the total Fund for the matching of grants, capital projects and/or any purpose which is deemed necessary or appropriate for the city.
(d) This section shall be implemented and construed in conjunction with § 115.15.
(Ord. passed 2-4-2003)