(a) A Perpetual Investment Fund is established for the permanent deposit of the net proceeds of the sale of the Urbana Natural Gas System and the balance in the Gas Revenue Fund, less outstanding obligations.
(b) The Director of Finance is directed to transfer the unobligated balance remaining in the Gas Revenue Fund to the unappropriated balance of the Perpetual Investment Fund.
(c) The principal amount of the Perpetual Investment Fund, being the amount described in subsection (a) hereof, shall be retained for the sole purpose of investing the amount in the manner allowed by the Charter.
(d) All the interest or dividend yielded from the Perpetual Investment Fund shall be allocated to the General Fund or other funds as Council, by ordinance or resolution, may direct except as provided in subsection (f) hereof.
(e) A Supplemental Investment Fund is established for the purpose provided in subsection (f) hereof.
(f) The sum of ten percent (10%) of the interest or dividend yielded from the perpetual investment shall be allocated to the Supplemental Investment Fund until such time as the fund balance reaches one hundred and fifty thousand dollars ($150,000) at which time the income yielded from the Perpetual Investment Fund shall be allocated as provided in subsection (d) hereof. The income from the Supplemental Investment Fund shall be allocated to that Fund. If from time to time the balance in the Supplemental Investment Fund shall be reduced below one hundred and fifty thousand dollars ($150,000), ten percent (10%) of the income from the Perpetual Investment Fund shall again be allocated to the Supplemental Investment Fund until such time as the Fund again reaches one hundred and fifty thousand dollars ($150,000), at which time the income yielded from the Perpetual Investment Fund shall again be allocated as provided in subsection (d) hereof. The Supplemental Investment Fund shall be used in the manner identical to the Perpetual Investment Fund except that Council may, by ordinance or resolution, appropriate from this Fund for emergency or capital improvement needs of the City.
(1984 Code Secs. 54.01, 54.02; Ord 3757. Passed 3-8-88.)