(a) There is established a Non-Reverting Thoroughfare Development Fund #913 ("Non- Reverting Thoroughfare Development Fund") to be used exclusively for the purpose of accepting and disbursing monies received for City thoroughfare development projects. Consistent with I.C., 36-7-4-1313, the monies deposited in such Fund shall reflect obligations voluntarily undertaken by developers to contribute the resources necessary, at the time their real estate is being developed, to bring thoroughfares adjacent to same into conformance with the City's Thoroughfare Development Plan, without regard to the size or number of lots or units to be located within the development.
(b) The Non-Reverting Thoroughfare Development Fund shall be administered and maintained as set forth herein:
(1) The Non-Reverting Thoroughfare Development Fund shall be managed by the fiscal officer of the City as required by law;
(2) The monies contained in the Non-Reverting Thoroughfare Development Fund shall be received and deposited therein from the City, from developers, and from all other lawful sources in accordance with applicable law;
(3) The funds contained in the Non-Reverting Thoroughfare Development 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 Non- Reverting Thoroughfare Development Fund; and
(4) For purposes of the Non-Reverting Thoroughfare Development Fund, the Department of Engineering shall divide the City into "Thoroughfare Development Areas". When monies are deposited into the Non-Reverting Thoroughfare Development Fund, those funds may only be spent on thoroughfare development projects located within the same Thoroughfare Development Area as the development for which the monies deposited are located.
(5) The funds held and accounted for in the Non-Reverting Thoroughfare Development Fund shall be withdrawn only:
a) At the discretion of the Director of the Engineering Department of the City;
b) For the purpose of building, improving, or maintaining streets and roads consistent with the City's Thoroughfare Development Plan and this section; and
c) Monies in the Non-Reverting Thoroughfare Development Fund shall only be withdrawn and spent on projects located within the Thoroughfare Project Area where the development for which said monies were deposited is located. Monies received due to commitments for specific improvements may not be reallocated to other projects without Council approval.
(6) All property acquired from monies held in the Non-Reverting Thoroughfare Development Fund shall be titled in the name of the City of Carmel; and
(7) The life of the Non-Reverting Thoroughfare Development Fund shall be perpetual, unless terminated by subsequent ordinance.
(Ord. D-1750-05, 5-16-05; Ord. D-2067-11, 11-7-11)