(A) There is hereby established for the town by the duly elected legislative body, the Town Council, pursuant to the provisions of IC 36-1-3 et seq., as amended from time to time, and for establishment within the designated budget and General Fund of the town, a Rose Garden Estates PUD Project Infrastructure Improvement Contribution (IIC) Special Revenue Non-Reverting Fund.
(B) The established Fund shall be funded from the IIC payment in the amount of $1,000 paid by developer at the time of application for a building permit for any new residential home structure in the project, upon issuance of said permit. All such funds collected shall be processed and deposited into the now-established Fund, as designated.
(C) The funds deposited into the Fund shall be reviewed annually by the Town Council. The funds collected and deposited into the Fund shall be utilized for public infrastructure purposes, including utilities, road and public ways, storm drainage, and any and all other public infrastructure uses, whether above ground or below ground, as directed and needed. The funds collected and deposited herein are to be used for capital infrastructure improvements only, and not for operation and maintenance expenditures.
(D) The established Fund shall continue as a special revenue non-reverting fund until or unless amended or repealed by subsequent Ordinance of the town. Any fund balance remaining in the Fund shall be non-reverting at each calendar year end. In the event that the special revenue non-reverting fund established hereby is terminated by repealer or amendatory ordinance, the funds contained therein at the time of termination of the fund by such ordinance shall be deposited into the General Fund of the town.
(Ord. 1361, passed 8-18-20)