(A) There is hereby established the TIF Lakefront Allocation Area III Fund 4452 for the purpose of accounting for the receipts from TIF revenues and for the disbursements of the debt expenses of the Economic Development Revenue Bonds, Series 2022 (EC Rail Terminal Project).
(B) Monies deposited in the Fund shall be used for debt payment purposes only.
(C) Monies from the Fund may be disbursed only on approved claims allowed by the city’s Redevelopment Board of Commissioners.
(D) The Fund shall terminate for any lawful reason and any balance of the Fund shall be disbursed to an economic development agency or government entity.
(Ord. 23-0036, passed 10-11-2023)