Maywood Municipal Code Art. 1 Special Fund for Capital Outlays

A fund is hereby created for capital outlays pursuant to the provisions of that certain Act of the Legislature of the State entitled "An Act to Provide for the Levy and Collection of Taxes and Assessments for the Purpose of Creating a Fund for Capital Outlays by Cities, Counties, or Districts", approved July 1, 1937, and being Chapter 717 of the Statutes of 1937, as amended by Chapter 341, Statutes of 1941, page 1590.

(§ 1, Ord. 291)

Such fund shall be known as the "Special Fund for Capital Outlays" and shall remain inviolate for the making of any capital outlays, and no moneys shall be disbursed therefrom except for such purposes and except upon the consent of the electors obtained as provided in said Act.

(§ 2, Ord. 291)

Taxes may be levied upon taxable property in the City for the raising of moneys for such fund, but no levy 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 (⅔) of the qualified electors of the City voting at any general or special election at which such proposition may be submitted.

(§ 3, Ord. 291)

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

(§ 4, Ord. 291)