(a) There is established a Non-Reverting Neighborhood Drainage Improvement (Fund 213) to be used exclusively for the purpose of accepting and disbursing monies received for City neighborhood drainage improvement projects.
(b) The Non-Reverting Neighborhood Drainage Improvement Fund shall be administered and maintained as set forth herein:
(1) The Non-Reverting Neighborhood Drainage Improvement Fund shall be managed by the fiscal officer of the City as required by law;
(2) The funds contained in the Non-Reverting Neighborhood Drainage Improvement Fund shall be received and deposited therein from all lawful sources in accordance with applicable law;
(3) The funds contained in the Non-Reverting Neighborhood Drainage 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 this fund; and
(4) When monies are deposited into the Non-Reverting Neighborhood Drainage Improvement Fund, those funds may only be spent on drainage improvement projects located within each individual councilmanic district.
(5) The funds held and accounted for in the Non-Reverting Neighborhood Drainage Improvement Fund shall be expended only:
a) By a majority vote of the Common Council;
b) For the purpose of improving proper drainage in the neighborhoods of our City;
(6) The life of the Non-Reverting Neighborhood Drainage Improvement Fund shall be perpetual, unless terminated by subsequent ordinance.
(Ord. D-1942-09, 6-1-09; Ord. D-2067-11, 11-7-11; Ord. D-2145- 13, 8-19-13)