There is designated and appropriated from moneys now not earmarked for any special purpose within the funds held by the city, and credited to the water department, the sum of sixty thousand dollars which shall be known as “special revolving fund," which fund shall be used only for the purpose of financing such improvements to streets, sidewalks and sewers as may be designated by the Council by ordinance, resolution or motion duly entered in writing upon the minutes of a regular, special or adjourned meeting of the Council. (Ord. 1151, 1962; Ord. 956, 1952)