Pasadena Municipal Code Ch. 4.16 Park Purchase and Development Fund

Pursuant to the provisions of Sections 53730 through 53737 of the Government Code of California, and subject to the limitations therein stated, and pursuant to the Charter of the city, a fund is created to be known as "capital outlays park purchase and development fund" to provide for capital outlays for the acquisition of land for park purposes and for the construction and development of improvements in the city parks.

(Ord. 4741 § 1, 1965)

The city controller is authorized and directed to transfer to the fund such amounts as the board of directors shall from time to time, by motion, designate to be deposited in the fund.

(Ord. 4741 § 2, 1965)

The board of directors may, in the manner provided by law, submit to a vote of the people a proposition to borrow from the fund or use a part or all of the fund for another public purpose. Until the required 2/3 vote of the people is received, however, the fund shall be limited to the purposes enumerated in Section 4.16.010.

(Ord. 4741 § 3, 1965)

Any interest earned by the fund shall be and become part of the fund.

(Ord. 4741 § 4, 1965)