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(A) There is created in the City Treasury the "Open and Ethical Elections Fund" solely for the purposes of:
(1) financing the election campaigns of Participating Candidates for Covered Offices;
(2) paying administrative and enforcement costs of the Open and Ethical Elections Code; and
(3) carrying out all other specified provisions of the Open and Ethical Elections Code.
(B) The City Treasurer shall invest the Fund as other City funds are invested and pursuant to Section 4-1-10 ROA 1994, and all income derived from the Fund shall be credited directly to the Fund. Within 30 days after the end of each fiscal year, the City Treasurer shall furnish the Mayor and Council a report of all investment activity of the past year in connection with the administration of the Fund. Remaining balances at the end of a fiscal year shall remain in the Fund and shall not revert to the general Fund.
(C) Money received from the following sources shall be deposited directly into the Fund:
(1) Qualifying Contributions that have been submitted to the Clerk;
(2) any recurring balance of unspent Fund money distributed to a Participating Candidate who does not remain a Participating Candidate through the municipal election period for which the money was distributed;
(3) money that remains unspent or unencumbered by a Participating Candidate following the date of the regular municipal election;
(4) Seed Money that exceeds 10% of the applicable spending limit; and
(5) additional money appropriated by the Council based on recommendations received by the Clerk and the City Attorney.
(D) One-tenth of 1% of the approved General Fund (Fund 110) appropriation shall be reserved in the Fund to fund Participating Candidates for the 2007 regular municipal election and subsequent regular municipal elections as provided in the Open and Ethical Elections Code.
(E) The Fund shall also be funded by voluntary contributions from members of the public. Money in the Fund is appropriated to the Clerk to carry out the purposes of the Open and Ethical Elections Code.