(A) Purpose. The purposes of this section are:
(1) To establish a non-reverting fund for the 138 N. 2nd St. READI Grant funding to be known as the 138 N. 2nd St. READI Grant Non-Reverting Fund; and
(2) To authorize deposit of grant funds and other revenues related to the 138 N. 2nd St. READI Grant into such fund for the uses set forth herein.
(B) Fund. There is hereby established the 138 N. 2nd St. READI Grant Non-Reverting Fund.
(C) Grant funds and other revenues. All grant funds and other revenues received pursuant to the READI Grant for the 138 N. 2nd St. shall be deposited into the 138 N. 2nd St. READI Grant Non-Reverting Fund.
(D) Use of funds. All funds deposited into the 138 N. 2nd St. READI Grant Non-Reverting Fund shall be used for the use and purposes set forth in the agreement between RDA and the City of Decatur relating to 138 N. 2nd St. improvements. Use of funds shall be disbursed only upon approval of a claim by the Decatur Common Council.
(Ord. 2023-20, passed 11-8-2023)