§ 6.16.040. Bond fund.

Latest version.

A.

There is a Bond Fund, which shall consist of proceeds from the disposal of capital assets, including, but not limited to, real property and improvements on real property.

B.

The purpose of the fund is to reduce the City's general debt and, as such, shall only be used to reduce the City's general obligation debt or to invest in other capital assets; and

C.

For purposes of this section tangible personal property, including but not limited to motor vehicles, is not considered a capital asset.

(Ord. No. O-25-10, § I, 9-27-2010)

                    
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