Riverside County Municipal Code Ch. 4.32 Capital Outlays Fund

As authorized by Sections 53730.5 to 53737, both inclusive, of the Government Code, provision is made for the levy and collection of taxes for the creation and accumulation of a fund for capital outlays of the type in this chapter.

(Ord. 798 § 2C, 1999; Ord. 397 § 1, 1952)

The fund shall be used only for one or more of the following purposes, and for no other:

A. Purchase of building sites;

B. Constructing, purchasing, expanding or remodeling buildings and appurtenant structures;

C. Purchasing equipment with which to furnish the buildings immediately after their purchase, construction, expansion or remodeling.

(Ord. 397 § 2, 1952)

Such fund shall be designated as "accumulative capital outlay fund" and all or part of the fund may be shown in the budget as reserves for future expenditures in subsequent years, and when so shown shall be identified as to purposes, but need not be itemized.

(Ord. 397 § 3, 1952)

At the time of the levy of county taxes, the board of supervisors shall levy a tax upon the taxable property in the county sufficient to raise the amount specified in the final budget for the fiscal year, after allowing for delinquency the amount fixed by law or the board, for the accumulative capital outlay fund.

(Ord. 397 § 4, 1952)

At any time after the creation of the accumulative capital outlay fund, the board of supervisors by a four-fifths vote may transfer to such fund any unencumbered surplus funds remaining on hand at the end of a fiscal year, and may make such other transfers to such fund as may be authorized by law.

(Ord. 397 § 5, 1952)