A. Fund Created: There is hereby created and established a Capital Improvements Fund for the City which shall not be subject to fiscal operations.
B. Uses: The proceeds of said fund, together with any interest and increments thereto, may, at the discretion of the City Commission, be used for the following purposes only:
1. To meet principal and interest requirements on general obligation bonds;
2. When general obligation bond requirements are met, to make cash expenditures for capital improvements or equipment for street, electric, water, storm drainage, or sewer purposes; or
3. Where transfers from said fund or any part thereof to a Sinking Fund or other appropriate City or trust funds are necessary to accomplish such purposes, the City Commission is authorized to make such transfer of funds. (2007 Code § 1-63)