There is imposed, pursuant to the laws of the state for a period of five years starting with the fiscal year 1975-76, an annual property tax levy of twenty cents for each one hundred dollars assessed valuation, to be utilized for the acquisition, development and renovation of public parks and open space as provided in this section. Revenues obtained thereby shall be in addition to, and not in place of, any sums normally budgeted for the Recreation, Parks and Community Services Department, and together with interest earned thereon, shall be deposited into the fund. In addition, all grants, gifts and bequests paid to the City for these purposes, and interest earned thereon, unless otherwise restricted, shall be deposited into the fund. Establishment of this fund is not intended to preclude any other similar programs or any other similar use of funds by the City. All amounts paid into the fund shall be maintained by the treasurer separate and apart from all other City funds, and shall be secured by that official’s bond. (Ord. 4734-NS § b, 1974)