2-501 Amount. There is hereby created in the Special Assessment Fund a cash reserve in the amount of $250,000.

2-502 Use of Cash Reserve. Said cash reserve shall be used for working capital purposes.

2-503 Deferred Assessments. In those cases where local improvements are installed, but all or part of the assessments are deferred or delayed, the cash reserve shall be used for payment of any costs or indebtedness for such improvement. When assessments are levied to pay for the cost of such improvements, the amounts received from such levy, shall be paid into the Special Assessment Fund so as to re-enhance said reserve.

2-504 When City Property is Benefitted. Where a local improvement benefits City owned property and the City Council finds and determines that the City shall pay a part of such cost, the said reserve shall be used for this purpose; except that, the City Manager shall thereupon certify to the Council the total cost of such project and the Council thereupon shall apportion the City's share of such cost against other City funds, said amounts to be due when installments of special assessments levied for the same project are due.

2-505 Obligations for Which There is no Assessment. To cover payment of any obligations issued for which there is no assessment; that is, obligations issued to cover all or part of the above provided cash reserve, the Council shall, from time to time, appropriate from the tax fund sufficient monies to pay said obligations.