(a) There is established a Non-Reverting Keystone Avenue Improvement Fund #920 ("Non-Reverting Keystone Avenue Improvement Fund") to be used exclusively for the purpose of accepting and disbursing monies received from INDOT and disbursed for projects consistent with the City’s improvement of Keystone Avenue and this section.
(b) The Non-Reverting Keystone Avenue Improvement Fund shall be administered and maintained as set forth herein:
(1) The Non-Reverting Keystone Avenue Improvement Fund shall be managed by the fiscal officer of the City as required by law;
(2) The monies contained in the Non- Reverting Keystone Avenue Improvement Fund shall be received and deposited therein from INDOT and from all other lawful sources in accordance with applicable law;
(3) The funds contained in the Non- Reverting Keystone Avenue Improvement 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 Keystone Avenue Improvement Fund; and
(4) The funds in the Non-Reverting Keystone Avenue Improvement Fund shall be used exclusively for the purpose of building, improving, or maintaining Keystone and for any improvements to connecting or local roads and intersections to accommodate vehicular traffic load and diversion attributable to the improvement of Keystone and consistent with this section.
All invoices or other bills to be paid from the Non-Reverting Keystone Improvement Fund shall be first approved by the City Engineer as the person who receives the goods and services pursuant to I.C., 5-11-10-1.6. The fiscal officer of the City of Carmel shall then audit and certify, prior to payment, that said invoices or bills are true and correct and shall then place said bill or invoice on the list of claims to be presented to the legislative body of the City of Carmel for approval, all in accordance with I.C., 5-11-10-1.6.
(5) The funds contained in the Non- Reverting Keystone Avenue Improvement Fund shall not be assigned, used as collateral, borrowed against or otherwise risked or encumbered except as consistent with this section and that certain Memorandum of Agreement between the City and INDOT transferring control and jurisdiction of Keystone Avenue to the City.
(6) All property acquired from monies held in the Non-Reverting Keystone Avenue Improvement Fund shall be titled in the name of the City of Carmel; and
(7) The life of the Non-Reverting Keystone Avenue Improvement Fund shall be perpetual, unless terminated by subsequent ordinance.
(Ord. D-1871-07, As Amended, 10-1-07; Ord. D-1949-09, As Amended, 8-17-09; Ord. D-2067-11, 11-7-11)