§ 26-184. Use of revenue.

The gross revenue generated by the International Bridge shall be deposited in the city's International Bridge Enterprise Fund. Such revenue shall be used in order of priority as listed below:

(1)

Payment of all necessary and reasonable maintenance and operating expenses.

(2)

Payment of International Bridge Debt (principal and interest).

(3)

To maintain an operating reserve equal to thirty (30) percent of the budgeted expenses for the current year.

(4)

To maintain a repair and replacement reserve equal to five hundred thousand dollars ($500,000.00).

(5)

To transfer five hundred thousand dollars ($500,000.00) annually to a capital replacement and/or improvement account.

(6)

Any remaining funds may be transferred to the city's general fund at the sole discretion of the city manager.

(Ord. No. 2013-22, § 3, 9-17-2013; Ord. No. 2018-25, § 1, 9-18-2018)