In order to enable cities of the first class to pay cash in lieu of issuing bonds for the cost of general improvements or the city’s share of the cost of special improvements, the governing bodies of said cities are hereby authorized to levy annually not to exceed three mills on each dollar of assessed tangible valuation of such city for such purposes and such tax levy may be levied outside of the aggregate limited prescribed by K.S.A. 79-1950 and 79-1951, and any amendments thereto.

Those funds derived as a result of such levy, along with any other funds allocated by the governing body for such purposes, shall be placed in a general improvement fund to be incorporated as part of each annual budget for the city.

Allocations from this general improvement fund of less than $15,000.00 may be approved by the mayor, provided the governing body is notified no later than the next scheduled meeting; allocations of larger amounts shall require advance approval by the city’s governing body. (C.O. 71 § 1, 7-11-87; C.O. 7 § 2, 7-8-67.)