§ 21-119. Criteria for the use of monies in the Weeki Wachee Fund.

(a)

Monies in the WWF shall only be used for the purposes which fall within the referendum categories.

(b)

Monies in the WWF shall only be used to fund capital projects and the OMTY associated therewith.

(c)

Monies in the WWF shall only be used for new projects or project enhancements and shall not be used to supplant other approved sources of funding.

(d)

When monies in the WWF are used for a project identified in the Penny for Pinellas program, such monies shall only be used for expansion of the scope of the project beyond the level anticipated at the time of the Penny for Pinellas renewal referendum.

(e)

Only available investment income shall be budgeted and expended unless the procedure in subsection (f) of this section is followed.

(f)

No portion of the principal shall be expended from the WWF unless City Council approves a resolution authorizing such expenditure by an affirmative vote of at least six members of City Council following a public hearing on the matter which has been advertised at least ten days in advance in a newspaper of general circulation in the City.

(g)

Monies in the WWF shall only be used for City-owned projects constructed on land owned or controlled by the City. This provision shall not prohibit the use of monies in the WWF from being used as part of a project that includes both public and private participation provided that the project otherwise meets the criteria of this article and provided that such project is approved by a resolution receiving an affirmative vote of at least six members of City Council.

(h)

When monies in the WWF are used for a project that requires ongoing operating and maintenance costs, the OMTY shall be included in the cost of the project and shall be funded from the WWF.

(i)

No monies from the WWF shall be used for private developer environmental mitigation or private developer environmental preservation projects.

(j)

No monies from the WWF shall be used for environmental mitigation or preservation projects on City-owned or controlled property unless such property was purchased with monies from the WWF.

(k)

The requirements contained in subsections (i) and (j) of this section may be waived upon approval of a resolution receiving an affirmative vote of at least six members of City Council. There must be a clear public purpose defined and approved by City Council before subsection (i) can be waived.

(l)

It is the intent of the City Council in establishing the WWF that the principal is never to be used except in case of emergency or extreme circumstances and then only if there is a guaranteed short term payback of the money expended from the principal and City Council approval pursuant to subsection(f) of this section.

(Code 1992, § 21-101; Ord. No. 530-G, § 1, 4-4-2002; Ord. No. 95-H, § 1, 11-25-2013)