AN ORDINANCE PROVIDING FOR THE CREATION
AND ACCUMULATION OF A FUND FOR CAPITAL OUTLAYS
The Board of Supervisors of the County of Riverside, State of California, do ordain as follows:
Section 1. As authorized by section 53730.5 to 53737, both inclusive of the Government Code, provision is hereby made for the levy and collection of taxes for the creation and accumulation of a fund for capital outlays of the type hereinafter set forth.
Section 2. Said fund shall be used only for one or more of the following purposes, and for no other:
1. Purchase of building sites.
2. Constructing, purchasing, expanding, or remodeling buildings and appurtenant structures.
3. Purchasing equipment with which to furnish said buildings immediately after their purchase, construction, expansion or remodeling.
Section 3. Such fund shall be designated as "Accumulative Capital Outlay Fund" and all or part of the fund may be shown in the budget as reserves for future expenditures in subsequent years, and when so shown shall be identified as to purposes, but need not be itemized.
Section 4. At the time of the levy of County taxes, the Board of Supervisors shall levy a tax upon the taxable property in the County sufficient to raise the amount specified in the final budget for the fiscal year, after allowing for delinquency the amount fixed by law or the board, for the Accumulative Capital Outlay Fund.
Section 5. At any time after the creation of said Accumulative Capital Outlay Fund, the Board of Supervisors by a four‑fifths vote may transfer to such fund any unencumbered surplus funds remaining on hand at the end of a fiscal year, and may make such other transfers to such fund as may be authorized by law.
Section 7. This ordinance shall take effect thirty (30) days after its adoption.
ADOPTED: 397 12/15/52 (Eff.: 1/14/53)
AMENDED: (798) (10/26/99 - #3.5) (Eff. 11/25/99 - Amends Sec. 1)
(798) (10/26/99 - #3.5) (Eff. 11/25/99 - Amends Sec. 6 / Deleted)