A Rainy Day Fund is hereby established subject to the following:
(A) Unencumbered balances of monies, raised by a general or special tax levy on property, remaining in the General Fund in the last 10 days of any calendar year may be transferred by the Clerk-Treasurer to the Rainy Day Fund.
(B) Monies deposited in the Rainy Day Fund shall be used as approved and appropriated by the City of Union City. Before making an appropriation from the Fund, the City Council shall make a finding that the proposed use of the monies to be appropriated is consistent with the intent of the Fund.
(C) Monies from the Rainy Day Fund shall be disbursed by the Clerk-Treasurer upon approval by the City Council of a proper claim for disbursement.
(D) Monies in the Rainy Day Fund shall not revert to other funds, unless the Fund is terminated.
(E) If the Rainy Day Fund is terminated, any monies in this Fund shall be transferred to the General Fund, unless specifically designated otherwise by the Council.
(Ord. 2004-04, passed 4-12-04; Am. Ord. 2004-16, passed 11-22-04)