(A) There is hereby established a non-reverting restricted fund as authorized by I.C. 16-22-3-18(e)(1) which shall be known as the Hospital Proceeds Restricted Fund.
(B) Proceeds from the sale of Dearborn County Hospital (d/b/a Highpoint Health) shall be deposited into the Hospital Proceeds Restricted Fund;
(C) The proceeds deposited into the Fund shall be restricted beginning on the date of deposit and continuing for a period of ten years;
(D) The deposited proceeds may only be used to pay any expenses related to the liabilities assumed by Dearborn County as outlined in the Asset Acquisition Agreement;
(1) “Expenses” includes, but is not limited to, the payment of: claims, settlement(s), judgment(s), litigation fees such as attorneys' fees and expert fees, and professional service fees for accounting, investing, and the like;
(E) At the conclusion of the ten-year restricted period, any proceeds remaining in the Restricted Fund may:
(1) Remain in the Fund and be used for any purpose which promotes the health and welfare of the citizens of Dearborn County, Indiana;
(2) Be transferred to any other existing or newly created fund as agreed to by the Dearborn County Council and the Dearborn County Board of Commissioners and by following the procedures for transferring funds as outlined in the Indiana Code; and/or
(3) Be transferred to the County General Fund by following the procedures for transferring funds as outlined in the Indiana Code.
(F) At the conclusion of the ten-year restricted period, the remaining proceeds may all be used in the same manner or the proceeds may be split up between any of the options outlined in (E)(1), (E)(2), and/or (E)(3).
(BC-DCC Ord. 2020-001, passed 2- 4-20)