A. A cumulative reserve fund is created for the purpose of real property acquisition.

B. All capital expenditures from said cumulative reserve fund shall be made upon the recommendation of the public works director through the mayor and approval of the city council; except, any and all professional services related to the sale or acquisition of real property, including but not limited to appraisal and title policy fees.

C. Moneys derived from the sale or lease of city owned real properties, including but not limited to surplus city property, street or alley vacations or revenue leases, may be deposited into the cumulative reserve fund, as directed by the city council; except, when said sale or lease is of either water fund or sewer/drainage fund owned real property and/or of interdepartmental lease.

D. All moneys for professional services, including but not limited to appraisals and title policies, resulting from street vacations, surplusing city owned real property, or the acquisition of real property in accordance with this section shall be deposited into the cumulative reserve fund. Payments for professional services rendered shall be withdrawn from the cumulative reserve fund.

E. City council has authority to periodically revise and establish the upper limit of cumulative reserve. (Ord. 652-79 §§ 1—5, 1979; Ord. 16-69 §§ 1, 2.)