King City Municipal Code Ch. 3.20 Special Fund for Capital Outlays

Pursuant to the provisions of that certain Act of the Legislature, designated as Chapter 717, Statutes of 1937, as amended (Deering’s General Laws Act 8496a), and subject to the limitations therein stated, a fund is hereby created for capital outlays, to be known as “special fund for capital outlays.” Such fund shall remain inviolate for the making of such capital outlays as the city council shall direct to be made from such fund, and no moneys shall be disbursed therefrom for any other purpose excepting upon consent of the electors obtained as provided in said Act.

(Ord. 201 § 1, 1944)

The city council may include in its annual tax levies, taxes for the raising of moneys for said fund, but no levies so made shall exceed the limitation imposed by the general laws of the state upon the right of the city to impose taxes, 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. The city council may transfer to such fund any unencumbered surplus funds remaining on hand at the end of any fiscal year.

(Ord. 201 § 2, 1944)