3.10.120 Facilities fund.
A. The facilities fund is established as a separate special revenue fund which is distinct from all other funds. The fund consists of all proceeds received from the sale of Shuyak Island property. All income from the fund shall be deposited to the fund. The assembly may, by ordinance, make additional appropriations to the fund at any time. Any additional funds added to the fund, aside of Shuyak Island proceeds, shall become part of the fund as a whole and subject to the regulations of the facilities fund.
B. The fund may be invested only as provided in KIBC 3.10.030. The fund may not be appropriated or spent, except as provided in this section. The earnings or principal shall at no time run or supplement the running of government except as specified in this section.
C. Repealed by Ord. FY2008-08.
D. The excess income of the fund is defined as 85 percent of the annual investment income from the fund. The excess income of the fund is available for appropriation by the assembly in the fiscal year following the year in which the income is earned. The excess income of the fund may be appropriated only for the following purposes:
1. Maintenance and repair of existing borough facilities;
2. Insurance paid by the borough for borough buildings;
3. Upgrade and reconstruction of existing facilities; or
4. Debt service on general obligation bonds issued for facilities construction – up to 100 percent of excess may be used for this purpose.
E. A portion of the fund may be appropriated for another purpose only upon approval of an ordinance ratified by a two-thirds majority of the qualified voters at a regular or special election. [Ord. FY2020-13 §2, 2019; Ord. FY2008-08 §4, 2007; Ord. 96-13 §2, 1996; Ord. 94-17 §2, 1994. Formerly §3.04.051].