(a) There is established a Non-Reverting Illinois Street Improvement Fund #212 to be used exclusively for the purpose of accepting and disbursing monies consistent with the plans for Illinois Street construction as approved by the Common Council and the Mayor.
(b) The Non-Reverting Illinois Street Improvement Fund shall be managed by the fiscal officer of the City as required by law.
(c) The monies contained in the Non-Reverting Illinois Street Improvement Fund shall be accounted for and maintained separate from all other City funds, and shall be invested with the interest earned.
(d) The funds held and accounted for in the Non- Reverting Illinois Street Improvement Fund shall be expended only:
(1) Solely and exclusively for the purpose of completing the improvements to Illinois Street;
(2) The Common Council shall approve all engineering estimates, construction plans and right-of- way costs. After approval by the Common Council, the Department of Engineering may commence the bid process and construction of improvements to Illinois Street in accordance with all established procedures.
(Ord. D-2086-12, 3-19-12)