The city council shall have the right to create, by ordinance, any special assessment
revolving fund or funds, out of which may be paid the cost of any proposed improvement,
where special assessments are levied or are to be levied to pay all or a portion of
the cost thereof, and there may be deposited in such special assessment revolving
fund or funds, all the proceeds from the collection of principal and interest of any
such assessment revolving fund or funds, and such special assessment revolving fund
or funds shall constitute a permanent fund. The city shall transfer to such fund or
funds yearly from the general fund or other source of revenue an amount not less than
the city's portion of the cost of the improvements made from moneys in such fund.
Such special assessment revolving fund or funds shall constitute a permanent fund
or funds to be used for the purpose of paying the cost of local improvements, where
the proceeds of the assessment liens levied in connection therewith are to be deposited
in the funds as collected. The moneys in such special assessment revolving fund or
funds at the close of the fiscal year shall not be transferred or appropriated to
any other fund, but shall be used exclusively for the purposes of making local improvements
where special assessments are to be levied to repay all or a part of the cost thereof.
(Ord. No. 82-132, § 16, 7-27-82)
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