Modesto Municipal Code Art. 1 Capital Outlays

A fund is hereby created for capital outlays under the provision of that certain Act of the Legislature of the State of California, 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, CITIES AND COUNTIES OR DISTRICTS," approved July 1, 1937, and being Chapter 717 of the Statutes of 1937, as thereafter amended by Chapter 341, Statutes of 1941, page 1590.

(Ord. 715-N.S., § 1)

Such fund shall be known as "Special Fund for Capital Outlays" and it shall remain inviolate for the making of such capital outlays as the Council shall direct to be made from such funds, and no moneys shall be disbursed therefrom excepting for such a purpose, excepting upon consent of the electors obtained, as provided in said Act.

(Ord. 715-N.S., § 2)

Taxes may be levied upon the taxable property in said City for the raising of moneys for said fund, but no levy so made shall exceed the limitation imposed by Section 1305 of the Charter of the City of Modesto upon the right of said City to impose taxes.

(Ord. 715-N.S., § 3)

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

(Ord. 715-N.S., § 4)

The term "capital outlays" as used in this article includes the retirement of principal or interest, or both, of bonds issued for capital improvements.

(Added by Ord. 256-C.S., effective 9-11-58)