(a) There is established a Non-Reverting Carmel Historic Preservation Fund to be used exclusively for the purpose of accepting and disbursing monies.
(b) This fund shall be identified as Fund #507 and shall be administered by the fiscal officer of the City of Carmel.
(c) The funds contained in the Non-Reverting Carmel Historic Preservation Fund shall be received and deposited therein from all lawful sources in accordance with applicable law.
(d) Monies in the Non-Reverting Carmel Historic Preservation Fund shall not be transferred into the General Fund, except as provided by applicable law.
(e) The funds contained in the Non-Reverting Carmel Historic Preservation 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 in the Non-Reverting Carmel Historic Preservation Fund.
(f) In the event the Non-Reverting Carmel Historic Preservation Fund is terminated, all unexpended funds maintained therein shall be distributed to the City and deposited in the General Fund.
(Ord. D-2088-12, 6-18-12; Ord. D- 2441-18, § 2, 10-15-18)