(A) The Salem-Noble Road Improvement Fund (the “fund”) is hereby established as a non-reverting fund to be administered and maintained by the County Auditor.
(B) All funds received from the RRDA pertaining to the project shall be deposited into the fund.
(C) Money in the fund shall be used only to pay claims related to the project following review and approval by this Board. No county warrants are authorized to be issued for expenditures from the fund for payment of any monies except upon approval of a claim by this Board and in accordance with the terms of this section.
(D) The amount of deposits in the fund, the balance of the fund, and expenditures from the fund shall not be considered in establishing the budget of the County Highway Department or this Board, or in setting property tax levies that will be used in any part to fund such budgets.
(E) The fund shall exist until the project is fully completed and the project agreement with DSTDOT is closed, at which time the fund shall be closed and terminated with the transfer of any remaining balance to be determined by this Board.
(F) The County Auditor is hereby directed to maintain and manage accurate accounting information regarding the receipts, expenditures and balances of the fund.
(Ord. 11-2012, passed 3-29-2012)