(A) Pursuant to the requirements of the State and Local Fiscal Assistance Act of 1972 (Title I, Public Law 92-512) enacted by the Congress of the United States, hereinafter referred to as “Federal Revenue Sharing Act”, there is hereby created within the General Fund of the city a special fund to be known as the Federal Revenue Sharing Trust Fund into which shall be deposited all moneys allocated to and received by the city pursuant to the Federal Revenue Sharing Act and any acts amendatory thereof or supplemental thereto.
(B) The Federal Revenue Sharing Trust Fund shall be a separate cumulative fund within the General Fund of the city. The receipts thereof and disbursements therefrom shall be recorded by the Clerk-Treasurer in a separate ledger on the form prescribed by the State Board of Tax Commissioners and the State Board of Accounts. This will enable the city to readily and fully comply as a recipient government with the provisions of the Federal Revenue Sharing Act and all regulations adopted by the Department of the Treasury pursuant thereto.
(Ord. 7-1972, passed 12-12-72)