Laguna Beach Municipal Code Ch. 3.20 Funds

To comply with the provisions of Article 5 of Chapter 1 of Division I of the Streets and Highways Code, with particular reference to the amendments made thereto by Chapter 642, Statutes of 1935, there is hereby created in the city treasury a special fund to be known as the "special gas tax street improvement fund."

(Ord. 149 § 1; 1953 Code § 1421)

All moneys received by the city from the state of California under the provisions of the Streets and Highways Code for the acquisition of real property or interests therein for, or for the construction, maintenance or improvement of streets or highways other than state highways shall be paid into said fund.

(Ord. 149 § 2; 1953 Code § 1422)

All moneys in said fund shall be expended exclusively for the purposes authorized by, and subject to all the provisions of Article 5, Chapter 1, Division I of the Streets and Highways Code.

(Ord. 149 § 3; 1953 Code § 1423)

Pursuant to the provisions of that certain act of the Legislature, designated as Chapter 717, Statutes of 1937, as amended (Deering General Laws Act 8496a), and subject to the limitations therein stated, a fund is created for capital outlays, to be known as the "special fund for capital outlays."

(Ord. 241 § 1; 1953 Code § 1411)

The 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.

(Ord. 241 § 2; 1953 Code § 1413)

The council may transfer to such fund any unencumbered surplus funds remaining on hand at the end of any fiscal year.

(Ord. 241 § 2; 1953 Code § 1414)