(a) Application. There is hereby established a fund to be utilized for the purpose of replacing and/or making major repair to the city's marine travel lift. The intent in establishing this fund is that all funds appropriated to this account are to be used strictly for these purposes only.
(b) Jurisdiction. The City Council shall have full responsibility and authority for the management, maintenance, appropriation to, and appropriation from the equipment replacement fund established pursuant to this section.
(c) Disbursement. All disbursements from the fund shall be disbursed by City Council ordinance. All disbursements by the City Council shall be for the purpose of replacing and/or making major repairs to the marine travel lift as is deemed necessary and appropriate by the City Council. All disbursements to the fund shall be made by City Council pursuant to an ordinance appropriating the same. The City Council shall have discretion to make an appropriation to the fund as it deems appropriate.
(d) Investment of fund. The City Council shall have full management responsibility for investment of the fund. All investment decisions will be made by City Council resolution.
(Ord. 86-16, passed 6-6-86)