(A) Created. Pursuant to the provisions of Cal. Gov't Code §§ 53730 through 53737, and subject to the limitations therein stated, there is hereby created in the city treasury a special fund to be known as the Special Fund for Capital Outlays. ('65 Code, § 3-4.101)
(B) Purpose. The fund shall remain inviolate for the making of such capital outlays as the Council shall direct to be made from the fund. Money shall not be disbursed therefrom for any other purpose except upon the consent of the electors obtained as provided by the provisions of the California Government Code. ('65 Code, § 3-4.102)
(C) Levy of taxes. The Council may include in its annual tax levy taxes for the raising of money for such fund; provided, however, no levy so made shall exceed the limitations imposed by the general laws of the state upon the right of the city to impose taxes without the assent of two-thirds of the qualified electors of the city voting at any general or special election at which such proposition may be submitted. ('65 Code, § 3-4.103)
(D) Transfer of funds. The Council may transfer to such fund any portion or all unencumbered surplus funds remaining on hand at the end of any fiscal year. ('65 Code, § 3-4.104)
(Ord. 874, passed - - )