(a) Pursuant to I.C., 36-9-37-46, there is hereby established a fund of the City, designated as the "Barrett Law Revolving Improvement Fund." Monies in the Fund may be used by the Council to pay the costs of Barrett Law projects, if the Council finds that payment from the Fund will increase the probability that competent contractors will bid on the projects.
(b) Pursuant to I.C., 36-9-37-46, special assessments levied against property benefitting from the projects shall be deposited in an account designated as the "Barrett Law Surplus Account." The Council may approve the transfer of such assessments to the Fund for th completion of additional projects.
(Res. CC-05-18-98-03, § 1, 5-18-98; Ord. D-2067-11, 11-7-11)