(a) There is hereby established a Capital Projects Fund dedicated to the purchase, construction and repair of capital improvements and facilities, including but not limited to, new and existing equipment roads, utility facilities, and public buildings and structures, and to provide local matching funds for grants for such purposes. The Capital Projects Funds shall be used for no other purpose unless ratified by a majority of the voters at an election.
(b) Management of the Capital Projects Fund shall be by and through the City Council. The City Council shall have full authority and responsibility for the investment of funds in the Capital Projects fund.
(c) No funds may be disbursed from the Capital Projects Fund except for purposes authorized by this section in accordance with appropriations made by ordinance.
(Ord. 98-05, passed 5-12-98)