(A) Created. There is hereby established a Nonreverting Community Development Debt Service Reserve Fund for debt service purposes.
(Prior Code, § 43.310)
(B) Deposits.
(1) There is to be deposited into the Nonreverting Community Development Debt Service Reserve Fund property taxes and any other lawful funds which may be used for community development debt service purposes.
(2) Monies deposited in the Nonreverting Community Development Debt Service Reserve Fund shall be used only for the retirement of community development debt.
(Prior Code, § 43.311)
(C) Expenditures. Monies from the Nonreverting Community Development Debt Service Reserve Fund may be expended by appropriation of the Common Council and may be disbursed only on approved claims allowed by the Board of Public Works and Safety.
(Prior Code, § 43.312)
(D) Termination of funds. The Nonreverting Community Development Debt Service Reserve Fund shall be perpetual in nature; however, should the Fund terminate for any lawful reason, any balance in the Fund shall be transferred to the city’s General Fund.
(Prior Code, § 43.313)
(Ord. 0-99-0031, passed 12-30-1999)