§ 2.72.150. Library maintenance reserve fund.

The city shall establish a library maintenance fund with the following terms and conditions:

A.

Source and Purpose. The fund is to be established using revenue from the local option sales and services tax approved by the voters in 1994. The general purpose of the fund is to provide revenue to preserve and maintain the library facility and its functions and equipment as renovated, expanded, established, and reopened to the public in 1997.

B.

General Conditions.

1.

The city clerk shall establish and maintain the fund as a separate fund of the city.

2.

All income (interest) generated by the original principal in the fund shall remain in the fund to be disbursed according to the guidelines set forth below:

a.

The library board may expend up to ten thousand dollars per year from the fund as approved by a majority vote of its members without prior approval of the city council;

b.

All other expenditures from the income generated by the fund shall be made only after prior approval of both the library board and the city council. The approval shall be by a majority vote of both the library board and the city council;

c.

Since expenditures from the fund will generally be planned and budgeted during the city budget process, the city council and library board's approval of the annual budget shall be considered as the approval required by subsection (B)(2)(b) of this section;

d.

Expenditures from this fund shall be limited to expenses in excess of one thousand dollars;

e.

All expenditures shall be restricted to capital repair, replacement and maintenance of the library structure, equipment, furnishings and grounds that are necessary for the library to maintain its function in the community.

3.

The original principal placed in the fund shall not be expended without the prior approval of both the city council and the library board by a three-quarter majority vote of both and after a public hearing on the proposed expenditures.

(Ord. 1099 § 1, 2001)