(a) The City, pursuant to the request of the Carmel/Clay Parks and Recreation Board ("Park Board"), hereby establishes a Nonreverting Parks And Recreation Capital Fund ("Parks Capital Fund") for the purpose of accounting for such monies as are appropriated by the fiscal body of the City or Clay Township for the purpose of acquiring specified real property, making specific capital improvements, or as otherwise permitted by law. The Parks Capital Fund shall be administered and maintained by the City as hereinafter set forth:
(1) The funds contained in the Parks Capital Fund shall be received and deposited therein from the City, from Clay Township, and from all other lawful sources, in accordance with applicable law; and
(2) The funds contained in the Parks Capital Fund shall be accounted for and maintained separate and apart from all other City funds, and shall be invested with the interest earned thereon deposited into the Parks Capital Fund; and
(3) The funds held and accounted for in the Parks Capital Fund shall be withdrawn only:
a) Upon proper appropriation by the legislative body of the City;
b) Upon written agreement between the City and Clay Township authorizing such expenditure; and
c) For the purpose of acquiring land, making specific capital improvements or as otherwise permitted by law in connection with the Carmel/Clay Parks and Recreation system.
(4) All property acquired from funds held in the Parks Capital Fund shall be titled in the name of the Park Board; and
(5) At such time as the City and the Township terminate their joint administration of the Carmel/Clay Parks and Recreation system, all unexpended funds maintained or contained in the Parks Capital Fund shall be distributed to the City and to the Township based upon the City and Township's proportionate monetary contributions to the Parks Capital Fund.
(b) The life of the Parks Capital Fund shall be perpetual, unless terminated by subsequent ordinance duly enacted by the City's legislative body.
(Ord. D-1613-02, 12-16-02; Ord. D-2067-11, 11-7-11)