A. A cumulative reserve fund for the initiating and implementing community development projects is created.

B. The sum of six hundred fifty thousand dollars now in the general fund of the city is to be transferred to the cumulative reserve fund created for the purposes herein specified.

C. The city council shall from time to time be authorized to transfer to the cumulative reserve fund created herein such additional funds as shall be budgeted for said purpose, all to be used as set forth in this section.

D. All funds in the cumulative reserve fund for the initiating and implementing community development projects shall be used only for the purpose of planning, designing, making public improvements and providing funding for other matters necessary to implement such planning, designing or construction of such improvements for the community development of various regional areas of the city, which improvements shall not include street maintenance and street construction. (Ord. 272-73 §§ 1—4, 1973.)