In accordance with the provisions of K.S.A. 12-1,118, there is hereby established a capital improvements fund, which shall be used by the City to finance, in whole or in part, any public improvement need set forth in the City's capital improvement plan.
It is the policy objective of Governing Body that such fund shall be used primarily to provide a financing mechanism for the repair, restoration and rehabilitation of existing public facilities. Further, it is the intent of the Governing Body to utilize current revenue to be credited to the fund, to the maximum extent possible to meet the City's present and future public infrastructure needs and to avoid the costs of unnecessary indebtedness.
Moneys in such fund may be to pay the cost of engineering and other advanced public improvement plans and studies, with the fund periodically reimbursed from bond proceeds, special assessments or state or federal aid that may be available for the completed project.
(a) The city staff shall submit to the Governing Body a plan of operation for the implementation of this ordinance. Such plan shall provide that the annual, revised and adopted capital improvements plan of the City identify those improvements to be financed from the fund during the following year.
(b) Beginning in 1986, the city staff shall annually submit, at the same time and as a part of the annual operating budget, such proposed revenue allocations and budget transfers as may be necessary (1) to finance those improvements scheduled for completion next year, the cost of which is to be credited to the fund, as provided by the capital improvements plan, and (2) to set aside moneys to be annually reserved for future improvements as provided in the capital improvements plan.
Moneys in the capital improvements fund shall be invested in accordance with the provisions of K.S.A. 10-131 and amendments thereto, with interest thereon credited to such fund.
(Ord. 539, Sec. 1:4)