Vallejo Municipal Code Ch. 3.44 City Hall Construction Fund

There is created a capital outlay fund entitled and to be known as "The Vallejo City Hall Construction Fund," first referenced in the 1973-74 budget of the city as finally adopted by the city council on June 25, 1973, and seven hundred ninety-two thousand six hundred fifteen dollars of Federal General Revenue Sharing moneys received by the city during the 1972-73 and 1973-74 fiscal years shall be allocated to and placed in said fund, and the management, use and disposition of said fund shall be governed by Section 709 of Article VII of the Charter of the city, which provides for the creation of inviolate capital outlay funds, whether general or specific in nature.

(Ord. 221 N.C.(2d) § 1, 1974.)

The purpose of the capital outlay fund is to provide a portion of the revenue needed for the design and construction of a new city hall for the city (referred to in this chapter as the "project") or, in the event that the financing plan developed to provide for the balance of the revenue needed for the project, whether by revenue bonds under a lease-purchase arrangement between the city and the redevelopment agency of the city, or by another financing method should be rendered or deemed unfeasible by the city council, to provide for such other capital improvements of the city deemed necessary or advisable as reflected in resolution adopted by the city council.

(Ord. 221 N.C.(2d) § 2, 1974.)

Revenues accruing to the city as a result of federal general revenue sharing moneys due and payable during the 1974-75 fiscal year, as and when received by the city, shall be allocated such that the total amount of moneys deposited into the capital outlay fund shall equal two million dollars, to be expended for the project or other purposes specified in Section 3.44.020.

The total amount of said fund may thereafter be increased from federal general revenue sharing and any other receipts in such amounts as the council shall by resolution determine is necessary to complete the financing plan for the project, based on final cost estimates therefor.

(Ord. 278 N.C.(2d) § 1, 1975: Ord. 221 N.C.(2d) § 3, 1974.)