Glendora Municipal Code Ch. 3.28 Capital Improvement Fund

Pursuant to the provisions of Sections 53730 through 53737 of the Government Code of the state, and subject to the limitations therein stated, there is hereby created in the city treasury a special fund for capital outlays to be known as the capital improvement fund.

(Ord. 1744 § 1, 2002)

Expenditures from the capital improvement fund shall be made only for capital improvements within the city, and no money shall be disbursed therefrom except for such purpose.

Capital improvements as used herein shall not include construction, replacement, extension of, or addition to, the city's domestic water system or the acquisition of capital assets by the city's domestic water system.

(Ord. 1744 § 2, 2002)

Pursuant to applicable provisions of the California Government Code, the city council is hereby empowered and may levy and collect assessments or taxes for the purpose of making capital improvements; provided, however, that no levy for such purpose shall exceed the limitation upon the right of the council to impose taxes as may be prescribed by the general laws of the state of California without the assent of two-thirds of the qualified electors of the city voting at any general or special election at which such proposition may be submitted.

(Ord. 1744 § 3, 2002)

At any time after the creation of the capital improvement fund, the council may transfer to such fund any unencumbered surplus funds remaining on hand at the end of any fiscal year.

(Ord. 1744 § 4, 2002)