(A) The Public Improvement Tax Increment Equivalent Fund is hereby created to accept service payments, rollback payments and all other funds due the village from the County Fiscal Officer on account of tax increment financing agreements.
(B) The Fiscal Officer of the village is hereby authorized and directed to transfer appropriate funds as are deposited in the Public Improvement Tax Increment Equivalent Fund to the Village Capital Improvements Fund to reimburse the village for all eligible expenses as set forth in any tax increment financing agreement of which the village is a party.
(Ord. 5-09, passed 4-16-2009)