115.03   BOND AND IMPROVEMENT FUND.
   (a)   There is hereby established a Bond and Improvement Fund.
   (b)   It is the intent of Council by the establishment of this Fund to achieve the following purposes:
      (1)   To provide a fund for the retention of monies specifically earmarked for a particular purpose but prior to the time that the monies are scheduled to be spent.
      (2)   To provide a fund for the accumulation of reserves for specific purposes.
      (3)   To provide a working fund for the receipt and distribution of monies for particular purposes so that these monies will not be required to run through normal budget accounts which could tend to confuse and complicate budget presentations.
      (4)   To provide a fund for the receipt and distribution of bond monies so that these monies will not be handled through normal operating budgets.
      (5)   To provide a central fund for handling the receipt and disbursement of money for practically all construction and improvement projects undertaken by the City so as to simplify and systematize accounting procedures for this type of expense.
      (6)   To provide a fund into which money appropriated in the Capital Improvement Fund can be transferred so as to eliminate the need for complicating the Capital Improvement Fund by using it for work account purposes.
   (c)   The Finance Director is hereby authorized and directed to transfer from time to time the necessary monies into the Fund so that the forgoing purposes and intentions of Council will be carried out.
(Ord. A-649. Passed 12-20-65.)