(a) There is established a City of Carmel Non-Reverting Events and Festivals Fund.
(b) The funds contained in the Non-Reverting Events and Festivals Fund shall be received and deposited therein from all lawful sources in accordance with applicable law.
(c) The funds in the Non- Reverting Events and Festivals Fund shall only be used for the operation of City events and festivals.
(d) Monies in the Non- Reverting Events and Festivals Fund shall not be transferred into the General Fund, except as provided by applicable law.
(e) The Non-Reverting Events and Festivals Fund shall be administered by the Department of Community Relations and Economic Development.
(f) The funds contained in the Non-Reverting Events and Festivals 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 Events and Festivals Fund.
(g) In the event the Non- Reverting Events and Festivals Fund is terminated, all unexpended funds maintained therein shall be distributed to the City and deposited in the General Fund.
(Ord. D-2407-18, § 2, 1-8-18)