135.17 CAPITAL EQUIPMENT REPLACEMENT RESERVE FUND.

   (a)   The Capital Equipment Replacement Reserve Fund shall be created and funded by monies from the General Fund and other sources, pursuant to the Codified Ordinances of the City and the Ohio Revised Code.

(Ord. 47-06. Passed 7-18-06.)

   (b)   Financing of the Capital Equipment Replacement Reserve Fund will be as follows:

      (1)   Zero percent (0%) of all General Fund revenue will be deposited to the Capital Equipment Replacement Reserve Fund.
(Ord. 122-2018. Passed 12-18-18.)

      (2)   The Capital Equipment Replacement Reserve Fund shall have a maximum fund balance of not more than five hundred thousand dollars ($500,000). Any revenues received over the five hundred thousand dollar ($500,000) maximum fund balance shall be returned to the General Fund.

      (3)   All expenditures drawn from the Capital Equipment Replacement Reserve Fund shall require prior Council approval unless previously specifically authorized by Council for expenditure in the annual budget.

         (Ord. 75-2010. Passed 12-21-10.)