(a) There is established a City of Carmel Non-Reverting Bicycle Facilities Fund.
(b) The funds contained in the Non-Reverting Bicycle Facilities Fund shall be received and deposited therein from all lawful sources in accordance with applicable law.
(c) The funds in the Non- Reverting Bicycle Facilities Fund shall only be used for the purchase and maintenance of the City’s bicycle facilities and amenities.
(d) Monies in the Non- Reverting Bicycle Facilities Fund shall not be transferred into the General Fund, except as provided by applicable law.
(e) The Non-Reverting Bicycle Facilities Fund shall be administered by the fiscal officer of the City.
(f) The funds contained in the Non-Reverting Bicycle Facilities Fund shall be accounted for and maintained separate and apart from all other City funds, and shall be invested with the interest thereon deposited in the Non-Reverting Bicycle Facilities Fund.
(g) In the event the Non- Reverting Bicycle Facilities Fund is terminated, all unexpended funds maintained therein shall be distributed to the City and deposited in the General Fund.
(Ord. D-2403-17, 12-18-17)