§ 7.08. Capital outlay fund; taxation for public improvement.

The council shall, by ordinance, establish capital outlay funds for specified capital improvement purposes, and such other special funds as it may deem necessary. The council may levy and collect taxes for such purposes, but shall not, in making such a levy, exceed the maximum tax rate provided for in this charter unless authorized by the affirmative votes of a majority of the electors voting on the proposition at any regular or special election at which such question is submitted. The council may transfer to any such fund any unencumbered surplus funds on hand at any time. Such special funds, created by or supplemented with tax revenues upon which a vote of the electors has been required, shall remain inviolate for the purposes for which they were created unless the use of such funds for some other purpose is authorized by the affirmative vote of a majority of the electors voting thereon on such proposition at a general or special election. Any unexpended and unencumbered surplus remaining in such special funds after the purpose for which the special fund was created has been accomplished may be transferred by the council to its general funds or to other special funds.