The City Council shall adopt by resolution an Arterial and Collector Street Improvement Plan, a copy of which shall be kept on file in the office of the City Recorder. This document shall set forth the plan for expenditure of the funds collected pursuant to Sections 3.805 through 3.820 of this chapter and shall conform to the requirements of ORS 223.309. This plan may be amended from time to time by resolution, whenever the Council deems it necessary to make a change in its capital improvement planning for arterial and collector streets.