(A) The Asbestos Abatement Fund (Fund 230) is renamed the Ivy Tech Bond Proceeds Fund ("Fund") and is repurposed under the terms of this section.
(B) Any funds currently in the Asbestos Abatement Fund will revert to the General Fund.
(C) The funds received as a result of the Ivy Tech lease rental payments will be placed in the Ivy Tech Bond Proceeds Fund and may be expended only for the purpose of satisfying obligations related to the satisfying of all obligations regarding the bond or other debt service costs related to the Ivy Tech bonds.
(D) The Ivy Tech Bonds Proceeds Fund will remain in effect until such time as the Common Council agrees to liquidate and dissolve the Fund.
(E) The city shall keep proper books of record and account, in which complete entries shall be made showing all monies received ad deposited in this Fund, all disbursements made from the Fund and all other financial transactions relating to this Fund.
(Ord. 9-2013, passed 4-8-13)