§ 2-417. Deposit, transfer and investment of funds.

(a)

By December 31 of each year, the county judge shall transfer funds from the county general fund to the capital projects fund in an amount equal to ten percent of the sales tax receipts received from the state department of finance and administration that year, or $625,000.00, whichever amount it greater, unless a specific lesser amount is designated by the quorum court in the annual budget.

(b)

Funds transferred to the capital projects fund shall be invested in an interest bearing account in accordance with the laws of the state for deposit of county funds.

(c)

All interest earnings of the capital projects fund shall remain in the capital projects fund.

(Code 1993, § 2-407; Ord. No. 90-41, art. II, 12-13-1990; Ord. No. 99-41, art. 1, 5-13-1999; Ord. No. O-2014-40, art. 1, 6-26-2014)