Revolving Fund Special Account Charter Amendment

If approved by Charlotte voters, the proposal on the November 7 ballot would add paragraph F to Section 7.6 of the Charlotte City Charter to read as follows:

SECTION 7.6. SPECIAL ACCOUNTS. (A) Except as provided in subparagraph (F), the Council may, by ordinance, establish and maintain accounts for accumulating moneys to be used for acquiring, extending, altering, constructing, or repairing designated public improvements and for the purchase of equipment of any type needed for the operation or services of the city.…

(F) (1) A special account is hereby established, entitled the “Revolving Fund Special Account” in the amount of Eight Hundred Thousand Dollars ($800,000).

(2) The Revolving Fund Special Account may be used for said purposes as set forth in subparagraph (A) of this section and in addition, for any approved use by the voters.

(3) The Revolving Fund Special Account may be augmented by the allocation of miscellaneous revenues, if the revenues are not otherwise pledged or encumbered, by allocation of such funds raised by general taxation, by special assessments to fund the public expenditure, by funds provided by the State, or by gift.

(4) The monies which are accumulated in the Revolving Fund Special Account may be allocated by Council without interest for such public improvements or equipment as set forth above; provided, however, the funds must be repaid by allocations made pursuant to subsection (F)(3) within ten years from the date of said initial allocation for the public improvement or equipment.

(5) The interest from investment earnings or interest from the extension of credit may be transferred by Council to the General Fund, and used as the Council deems fit, and said earnings or interest need not be repaid.

(6) If the Council proposes some other municipal purpose for some or all of said Revolving Fund Special Account, said use shall be prohibited unless the use be authorized by a majority vote of the electors of the City who vote on the proposition for use of said funds for such other municipal purpose. If approved by a majority of the electors, such monies shall be allocated to another special account as provided for in this section and after the purpose has been fulfilled, any balance remaining therein shall be returned to the Revolving Fund Special Account. The monies expended for the other municipal purpose shall also be repaid within ten years, as provided in subsection (F)(4).

An explanation of the proposal and the reasons it is being proposed can be found on this page.