§ 8.7. Accumulation Accounts.

(a)

The Council may, by ordinance, establish and maintain accounts for accumulating moneys to be used for acquiring, extending, altering, constructing, or repairing public improvements.

(b)

Appropriations to such accounts may be made by the Council either in the annual appropriation resolution or from time to time during the fiscal year, from available funds, from whatever source derived, which are not required for other appropriations or obligations of the city. Such accounts shall be continuing accounts and the balances therein at the end of each fiscal year shall remain a part thereof.

(c)

Moneys which are accumulated for the purpose of public improvements, as set forth in subsection (a) hereof, shall be used only at the direction of the Council and only for the purpose provided in the original ordinance establishing such account, unless their use for some other municipal purpose be authorized by a majority vote of the electors of the city who vote on the proposition to amend such ordinance to provide for a change of the use of the moneys in such account. After the purpose of any such account has been fulfilled for the purpose for which the fund was created, any balance remaining therein may be transferred by the council to any other accumulation account or to the general fund of the city.

(d)

Moneys may be accumulated in the same manner for the purpose of purchasing equipment required by the city. Such moneys shall be expended only for the purpose provided in the ordinance establishing any such account, or as such ordinance may be amended from time to time, and, when no longer required for such purpose, such moneys or any part thereof may be transferred by any other such accumulation account, or to the general fund, by a resolution adopted by the affirmative vote of not less than five members of the Council.