(A) The Clerk-Treasurer shall create and maintain a fund for the receipt and disbursement of funds for purchasing of city transit vehicles. Said Fund shall be entitled the Transit Operational Reserve Fund.
(B) The moneys deposited in the Fund shall not revert to the General Fund from time to time, but rather shall be non-reverting and continue perpetually until further order of the Common Council.
(C) The purpose of this Fund shall be consistent with grant agreements and state and federal regulations, as applicable, as well as the Transit Operating Reserve Policy.
(D) The Board of Public Works and Safety shall be vested with the responsibility and discretion for making expenditures from this Fund in accordance with applicable law and without need for appropriation or budgeting, it being understood that this Fund supports a transit program operating under state and federal regulations and grant agreements developed pursuant thereto.
(Res. 19, 2020, passed 7-13-2020)