(a) The Director of Finance is authorized and directed to create and establish a restricted fund for unclaimed money, the Unclaimed Monies Agency Fund. The Unclaimed Monies Agency Fund shall be for the purpose of receiving, accounting, and disbursing unclaimed money.
(b) Unclaimed money includes checks which are issued by the Village and are not negotiated for a period of at least ninety (90) days after issuance. Unclaimed money does not include deposits and cash bonds that are deposited with the Village and maintained in a separate restricted account.
(c) The Unclaimed Monies Agency Fund shall retain unclaimed money for a period of five years from the date the unclaimed money is placed in the Unclaimed Monies Agency Fund. The Director of Finance, provided that the unclaimed money is not claimed by the lawful owner within five years from the date of deposit in the Unclaimed Monies Agency Fund, is authorized and directed to transfer such funds to the General Fund.
(Ord. 2011-04. Passed 1-10-11.)
(Ord. 2011-04. Passed 1-10-11.)