(A) Established. Fund 452 2015 Bond Project Debt Reserve (“Debt Reserve Fund”) is created that the City Clerk-Treasurer will maintain.
(B) Source of funds. The revenue for deposit into the Debt Reserve Fund will be TIF revenue monies the city or Crawfordsville Redevelopment Commission receives from the Crawfordsville Indiana TIF Revenue Bonds of 2015 proceeds or the Crawfordsville Square Economic Development Area and Crawfordsville Commerce Park Economic Development Area.
(C) Use of funds. Monies in the Debt Reserve Fund may be used by the City Clerk-Treasurer to pay for all costs related to servicing the Crawfordsville Redevelopment Commissions repayment obligations for the Crawfordsville Indiana TIF Revenue Bonds of 2015.
(D) Non-Reverting fund. This is a non-reverting fund.
(Ord. 12-2015, passed 7-8-15)