Tustin Municipal Code Part 3 Capital Outlay Fund

The City Council hereby establishes a capital outlay fund in accordance with Title 5, Division 2, Part 1, Chapter 4, Article 4 (Sec. 5370, et seq.) of the Government Code of the State of California. (Ord. No. 706)

The capital outlay fund may be used to accumulate funds for the purpose of capital outlays and may be shown in the City budget as reserved for future expenditures in subsequent years which shall be identified as to purpose. (Ord. No. 706)

The capital outlay fund shall remain inviolate for the making of any capital outlays and money shall not be disbursed from the fund except for the prescribed capital improvements unless the City Council of the City of Tustin submits a proposition to the electors of the City of Tustin to obtain their consent to use the money in the fund for some other specific purpose. The proposition may be submitted at any election. A two-thirds vote of all of the voters voting at the election shall be necessary to authorize the expenditure of the money in the fund for such other purpose. (Ord. No. 706)

The capital outlay fund may have a general account and one or more sub-accounts created by the City Council by ordinance. Any such sub-account shall be described as to geographical area served, source of revenues pledged, capital outlays contemplated, and any other conditions or restrictions incumbent on said sub-account. (Ord. No. 706)