The council of the city hereby declares that the purpose of the levy of the tax imposed
by this article is for the payment of expenses in acquiring, constructing, installing,
maintaining, repairing, operating or improving facilities of the city. The proceeds
of said tax shall be placed in the unapportioned facilities development admissions
tax account of the treasurer's group of accounts fund of the Revised Municipal Code
from which account there shall be allocated to an appropriate account of any trust
fund created by the manager pursuant to authorization given to the manager by any
ordinance authorizing the issuance of revenue bonds, including revenue refunding bonds
but not including any airport revenue bonds, the proceeds of which are to be used
for the acquisition, construction, installation, improvement, maintenance or repairing
of facilities of the city, or the refunding of bonds issued for any of those purposes,
such amounts as determined by the manager necessary to pay the interest and principal
due upon such duly authorized, issued and outstanding revenue or revenue refunding
bonds, or to make required deposits to any reserve or other similar account established
by such ordinance, provision for whose payment has not otherwise been duly made. After
sufficient aggregate receipts have been placed in any such accounts as provided in
such ordinances, the manager shall transfer as surplus facilities development admissions
tax receipts any balance remaining in the unapportioned facilities development admissions
tax account to an appropriate account of the special trust funds of the fund plan, section 20-18 of the Code, to which account shall also be transferred any balance accruing as a
result of investment earnings over and above the bond requirements aforesaid, and
said surplus, if any, may be transferred to the capital improvements fund of said
fund plan to the extent necessary to account for any allocations and transfers from
the unapportioned occupational (head) tax account of the fund plan made by the manager
to meet the bond requirements of any of the aforesaid revenue or revenue refunding
bonds; following such transfer to the capital improvements fund, the manager may redeem
with remaining surplus outstanding revenue or revenue refunding bonds prior to their
maturities; otherwise, such surplus to be expended by appropriation as part of the
general fund budget or for unforeseen contingencies in accordance with the Charter.
