Monterey County Municipal Code Ch. 5.04 Capital Outlay Fund

Pursuant to provisions of Section 5370 et seq. of the Government Code, there is created a fund for capital outlays, which fund shall be set forth in each annual budget and be in addition to any other fund allowed by law and shall be known and designated as follows: accumulated capital outlay.

(Ord. 1056 § 1, 1958)

The Board shall, each year, in the same manner that they provide for the levy and collection of taxes for other purposes, provide the levy and collection of such taxes as may be necessary to accumulate or maintain the fund for accumulated capital outlay in such an amount as may be set forth and provided in each annual budget of the County.

(Ord. 1056 § 2, 1958)

The fund accumulated as provided in this Chapter may be expended only for the purpose of construction, reconstruction, remodeling, or purchasing public buildings, the acquisition of sites therefor, and the original furnishing thereof, or any other construction project which is approved by a four-fifths vote of the Board. The fund shall remain inviolate for the making of such capital outlays, and disbursement shall not be made from the fund except for such purpose unless the electors of the County consent to the use of the money in the fund for some other specific purpose at an election duly and regularly called at which such proposition is submitted to them in the manner prescribed by law.

(Ord. 1056 § 3, 1958)