135.18 FLEET RESERVE AND MAINTENANCE FUND.

   (a)   The Fleet Reserve and Maintenance 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. 133-2019. Passed 12-19-19.)

   (b)   Financing of the Fleet Reserve and Maintenance Fund will be as follows:

      (1)   One half of one percent (.50%) of all General Fund Revenue will be deposited to the Fleet Reserve and Maintenance Fund.

         (Ord. 113-2020. Passed 12-15-20.)

      (2)   The maximum balance at any one time in the Fleet Reserve and Maintenance Fund shall not exceed five hundred thousand dollars ($500,000). No deposits will be made to the Fund when the unencumbered fund balance is five hundred thousand dollars ($500,000).

      (3)   All expenditures drawn from the Fleet Reserve and Maintenance Fund shall require Council approval unless previously specifically authorized by Council for expenditure in the annual budget.

         (Ord. 133-2019. Passed 12-19-19.)