§ 40-20. Use of proceeds.

Latest version.

(a)

The ad valorem tax herein levied shall be for general purposes and all proceeds derived therefrom shall be deposited into the general account.

(b)

Except where specifically prohibited by state law, the board of aldermen may establish special accounts, including but not limited to certificates of deposit or other interest bearing accounts, to which all or a portion of the proceeds of the ad valorem tax are deposited when to do so would facilitate the proper management of public monies set aside for special projects or capital improvement which can be funded by proceeds derived from the ad valorem tax.

(Code 2004, § 20.2; Ord. No. 4, 1987)

                    
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