(A) There is hereby created a fund to be known as the capital improvement fund.
(B) The purpose of the fund is to provide segregation of funds for capital improvement projects not funded from the water or sewer funds.
(C) Deposits into the capital improvement fund shall be made as directed by the City Commission from funds budgeted for that purpose.
(D) Funds in the capital improvement fund may be expended for any budgeted capital improvement project approved by the City Commission; and specified in a capital improvements program adopted by the City Commission.
(E) Any funds budgeted or reserved in the capital improvement fund shall remain in the fund from one fiscal year to another and be considered a re-appropriation in the ensuing fiscal year until such funds have been expended or released for another purpose by the City Commission; provided, however, that the sum of $1,052,250 shall be transferred from the capital improvement fund to the general fund on September 30, 1988 and that the sum of $400,000 shall be transferred from the capital improvement fund to the general fund on the effective date of this section.
(F) The Finance Director shall invest any surplus funds in the capital improvement fund in the same manner as other surplus funds of the city. All income accruing from investment of the capital improvement fund and the proceeds from the collection of principal and interest of any special assessments levied to cover the cost of any project financed by the fund shall be retained in the fund.
(Ord. 85-49, passed 4-23-85; Am. Ord. 87-30, passed 3-24-87; Am. Ord. 88-92, passed 9-27-88; Am. Ord. 96-10, passed 11-7-95)