§ 181-101. Disposition of proceeds from property or governmental reimbursement.

(a)

Whenever any real property which was purchased with the proceeds of any fund or bond issue by any agency or department of city or county government is later sold, rented or leased, the proceeds of such sale, rental or lease shall, unless prohibited by applicable law, be reinstated in full to the fund or bond issue which funded the purchase of the real property, if such fund still exists.

(b)

Any purchase by any agency or department of city-county government of real property or any other real estate interest, in part or wholly from any state or federal reimbursement, shall be subject to prior approval by the city-county council.

(c)

The proceeds of any state or federal reimbursement for any designated project which was financed by the issuance of bonds shall, unless prohibited by applicable law, be repaid to the respective bond fund and shall not be used for any other purpose.

(d)

The provisions of this section shall not apply to any proceeds of real estate or state or federal reimbursements received prior to December 31, 1975, if such proceeds were otherwise allocated as part of the projected revenues used in determining the means of financing of the appropriations contained in the city-county annual budget for 1975.

(Code 1975, § 2-5)