§ 8.7. Special accounts.

(a)

The council may, by ordinance, establish, and maintain accounts for accumulating moneys to be used for acquiring, extending, altering, constructing, or repairing public improvements of any type and for the purchase of equipment of any type, in each case either for a specific item or items or for future unspecified public improvements or equipment, or both.

(b)

Appropriations to such accounts may be made by the council either in the annual appropriation resolution or, from time to time during the fiscal year, from available funds, from whatever source derived which are not required for other appropriations or obligations of the city. Such accounts shall be continuing accounts and the balances therein at the end of each fiscal year shall remain a part thereof.

(c)

Moneys which are accumulated for the purpose of public improvements, as set forth in subsection (a) hereof, shall be used only at the direction of the council and only for the purpose provided in the original ordinance establishing each account, unless their use for some other municipal purpose be authorized by a majority vote of the electors of the city who vote on the propositions to amend such ordinance to provide for a change of the use of the moneys in such account. After the purpose of any such account has been fulfilled, any balance remaining therein may be transferred by the council to any other special account or to the general fund of the city.

(d)

Moneys which are accumulated for the purpose of purchasing equipment, as set forth in subsection (a) hereof, shall be expended only for the purposes provided in the ordinance establishing any such account, or as such ordinance may be amended from time to time, and, when no longer required for such purposes such moneys or any part thereof may be transferred to the general fund by a resolution adopted by the affirmative vote of not less than six members of the council.