(a) Application. There is hereby established a Permanent Fund Reserve Account by the city for the purpose of setting aside surplus funds currently held by the city and for future supplementation by the city to this account for use in the future as set forth herein. It is the city's intent in establishing this fund that it be used for the public safety and welfare of the residents of the city, more specifically for emergency needs or for essential public service needs, including but not limited to, public safety, roads, utilities and schools.
(b) Jurisdiction. Management of the Permanent Fund Reserve Account shall be by and through the City Council.
(c) Disbursements. The City Council shall be the only authority authorized to make disbursements of funds from the Permanent Fund Reserve Account. Prior to making a disbursement, the City Council shall make a finding that such would benefit the public safety and welfare and that there exists either an emergency need or an essential public service need. Any such disbursement shall be by City Council Ordinance appropriating funds for the particular need established by the City Council. No disbursements may be made from the Account without a City Council Ordinance appropriating such disbursement.
(d) Contributions. The City Council may from time to time make contributions to the City's Permanent Fund Reserve Account as it deems appropriate, by City Council Ordinance appropriating the same.
(e) Investment of the fund. The City Council shall have the full responsibility and authority for the investment of funds established in the Permanent Fund Reserve Account. The City Council shall, by City Council Resolution, establish and direct the investment portfolio of all funds appropriated to the Permanent Fund Reserve Account.
(Ord. 86-17, passed 6-6-86)