(a) The City, pursuant to the request of the Carmel/Clay Board of Parks and Recreation ("Park Board"), hereby establishes a Non-reverting Parks and Recreation Facilities Fund ("Rec Facilities 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 at Park Board facilities not part of the Monon Community Center. The monies in the Rec Facilities 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 park and recreation facilities owned and/or managed by the Park Board, and as otherwise permitted by law. The Rec Facilities Fund shall be administered and maintained by the Fiscal Officer of the City as herein set forth:
(1) The funds contained in the Rec Facilities 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 Rec Facilities 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 Rec Facilities Fund; and
(3) The funds held and accounted for in the Rec Facilities Fund shall be non-reverting and withdrawn only for the purpose of maintaining, administering, improving, and/or operating park and recreation facilities; and
(4) All property acquired from funds held in the Rec Facilities Fund shall be titled in the name of the Park Board.
(b) The life of the Rec Facilities Fund shall be perpetual, unless terminated by subsequent ordinance duly enacted by the City's legislative body.
(Ord. D-2220-15, § 2, 7-6-15)