(a) The City, pursuant to the request of the Carmel/Clay Board of Parks and Recreation ("Park Board"), hereby establishes a Nonreverting Parks And Recreation Extended School Enrichment Fund ("ESE Fund") for the purpose of accounting for operating receipts and disbursements, revenues and other monies received or made for park purposes in connection with the City and Clay Township's joint provision of recreation programs and facilities within the Carmel-Clay School District (the "ESE Activities"). The monies in the ESE Fund shall be used for general maintenance, for the acquisition, repair and/or replacement of capital improvements, for equipment, for other property, goods and services necessary to the operation of the ESE Activities, and as otherwise permitted by law. The ESE Fund shall be administered and maintained by the Fiscal Officer of the City as hereinafter set forth:
(1) The funds contained in the ESE 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 ESE 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 ESE Fund; and
(3) The funds held and accounted for in the ESE Fund shall be withdrawn only for the purpose of maintaining, administering, improving and/or operating the ESE Activities.
(4) All property acquired from funds held in the ESE Fund shall be titled in the name of the Park Board; and
(b) The life of the ESE Fund shall be perpetual, unless terminated by subsequent ordinance duly enacted by the City's legislative body.
(Ord. D-2018-10, As Amended, 12-20-10; Ord. D-2067-11, 11-7-11)