Ojai Municipal Code Art. 4 Capital Outlay Fund

Pursuant to the provisions of Section 53731 of the Government Code of the State, there is hereby created for the City a fund to be known as the "Capital Outlay Fund."

(§ 1, Ord. 321, eff. August 7, 1963)

Taxes may be levied and collected for deposit in the Capital Outlay Fund provided, in accordance with the provisions of Section 53732 of the Government Code of the State, the Council shall not exceed any limitation upon its right to impose taxes prescribed by law.

(§ 1, Ord. 321, eff. August 7, 1963)

In accordance with the provisions of Section 53735 of the Government Code of the State, the Council may transfer to the Capital Outlay Fund any unencumbered surplus funds remaining on hand at the end of a fiscal year.

(§ 1, Ord. 321, eff. August 7, 1963)

All or part of the Capital Outlay Fund may be shown in the budget as reserves for future expenditures in subsequent years and, when so shown, shall be identified as to purpose but need not be itemized.

(§ 1, Ord. 321, eff. August 7, 1963)

Moneys in the Capital Outlay Fund may be used only for the purposes authorized by State law.

(§ 1, Ord. 321, eff. August 7, 1963)