(A) Establishment of the County Subdivision Performance Assurance Fund. The County Subdivision Performance Assurance Fund (the “fund”) is hereby established as a non-reverting fund to be administered and maintained by the County Auditor.
(B) Deposits into the fund. All funds received from developers to assure the satisfactory completion of public improvements within subdivisions approved under the terms of the County Subdivision Control Ordinance shall be deposited into the fund.
(C) Purposes of permitted expenditures from the fund. Money in the fund shall be used only to pay claims related to the completion or repair of public improvements within each applicable subdivision 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) Effect of the fund on budget. 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 Plan Commission or this Board, or in setting property tax levies that will be used in any part to fund such budgets.
(E) Term of Fund. The fund shall be perpetual unless and until terminated by subsequent ordinance enacted by this Board.
(F) Auditor’s Duty to Invest and Manage the fund. The County Auditor is hereby directed to invest the funds within the fund in an interest bearing account at a financial institution with an office in the county, and to maintain and manage accurate accounting information regarding the receipts, expenditures and balances of the fund.
(Ord. 12-2012, passed 3-29-2012)