Gridley Municipal Code Ch. 3.36 City Hall Building Reserve Fund

There is hereby established, effective on the effective date of the ordinance codified in this chapter, a separate fund within the city treasury to be known as the city hall building reserve.

(Ord. 482 § 1, 1985).

The city council may budget any amount it may determine each year from its general fund. Immediately after budget adoption each fiscal year, the director of finance shall transfer said budgeted moneys to the city hall building fund.

The city council may also, as it sees fit from time to time, transfer other moneys into this fund.

(Ord. 482 § 2, 1985, Ord. 534 § 1, 1988).

The moneys in the city hall building reserve fund shall be allowed to accumulate until the city council determines, either through budget hearings or resolution, to expend said moneys for the purpose of expansion and/or replacement of the city hall building; provided, further, that any moneys in the city hall building reserve shall never be expended for any other purpose than that specified above without a duly advertised public hearing stating the time, place and purpose of the expenditure.

WHEREAS, recognizing, in the event of a declared emergency by the city council, the money in said city hall building reserve may be borrowed to negate the declared emergency; provided, further, that any and all moneys borrowed shall be repaid in three annual payments beginning in the next fiscal year following the declared emergency.

(Ord. 482 § 3, 1985).