A. Consistent with I.C. 5-13-9-6 and 36-7-14-28, the Columbus City Council believe it is in the best interest of the Redevelopment Commission and good stewardship of tax revenues to place interest in a separate account and allow the use of said funds for:
1. Payment, in whole or part, of planning and surveying costs;
2. The cost of property acquisition and redevelopment; and
3. The payment of all general expenses of the department of redevelopment, included but not limited to training, public relations, mailing, printing of material and promotional items and material.
B. The interest proceeds presently in Fund 2720 will need to be reduced to reflect interest that has been earned on Cummins and South Commons Block (Cole) allocation areas.
C. The Columbus City Council ratify the use of said funds that were placed into this account commencing in 2005 through and including 2019, through the date of this section.
D. The monies in Fund 2720 that can be traced to investment of monies from the Cummins allocation area shall be removed from this fund and transferred to the Cummins allocation area consistent with the terms of the Cummins allocation area bonds and remain separate assets of the allocation area for the life of the bond.
E. The Columbus City Council ratifies the placement of interest investment proceeds into Fund 2720 from all other allocation area investments.
F. The Columbus City Council authorizes the use of said funds as described in the above Indiana Code sections as same shall apply and as may be amended from time to time. (Ord. 6-2020, 2020)