(a) There is hereby created a fund to be known as the Capital Improvement Fund. All funds received by the City as a result of the proceeds of estate taxes shall be paid into such separate fund. In addition, grants, donations, special fees, and other miscellaneous revenue related to the acquisition and or construction of capital items, as directed by a majority of Council, shall be paid into such fund.
(b) Expenditures shall be made from the Capital Improvement Fund to finance the acquisition and/or construction of capital items.
(c) Notwithstanding the provision of subsection (e) of Section 135.07, interest earned on the investment of idle funds in the Capital Improvement Fund shall be credited to such fund. (Ord. 2000-32. Passed 7-13-00.)