A. The Council finds that certain small street, sidewalk and sewer improvements in the city have not been made for the reason that the total cost of each such project is not sufficient to justify the issuance of Bancroft bonds, entailing the incidental expense thereof, but that the making of such street, sidewalk and sewer improvements is desirable and necessary for the preservation-of the peace, health and safety of the city and its inhabitants; and that there is a great public good which can be provided for the general public of the city in addition to the benefits received by those who would be specially benefited through the promotion and completion of such street, sidewalk and sewer projects; and

B. The Council further finds that many of such small projects are retarded by the fact that the property owners benefited cannot pay cash for the same and in some cares are unwilling to apply for the method of financing furnished through Bancroft bonds, and the high rate of interest accompanying the same over a ten-year period; and

C. The Council further finds that the application for, and the doing of the work of many of such small improvements could be promoted by the establishment by the city of a small revolving fund to be made available for the financing of such improvements; and

D. The Council further finds that there are moneys in excess of the sum hereinafter mentioned on hand in its water department which are not required for payment of indebtedness, and which are currently available for promoting such financing on the part of the city; and

E. Whereas it is desirable to establish a fund in the nature of that abovementioned, at this time. (Ord. 956, 1952)