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(a) All revenues earned from City investments shall be recorded in the General Fund or in funds that are required by federal or state or other appropriate authority. General fund investment earnings shall be transferred first to General Obligation Debt Service Funds in the amount of their respective annual debt service requirements, until such time that a fund’s accumulated unreserved fund balance equals or exceeds its remaining debt requirements. Any remaining revenues are available to the General Fund.

(b) The principal proceeds from sales of City-owned, non-trust lands shall be recorded in a separate City account. Monies in this account may not be spent or appropriated but rather invested. Revenues earned on monies in this account may be used for any lawful purpose. For this purpose, non-trust lands are defined as lands owned by the City other than lands held in trust by the City under the terms of conveyance thereof to the City. Proceeds from sales of lands received on foreclosure for special assessments or for taxes shall first be reduced by necessary amounts for payments of such assessments, taxes, and related costs.

(Ords. 573, 776, 793, 916, 2943-2017)