(A) There is hereby established a Community Development Block Grant-Recovery Fund 0295 for the purpose of accounting for the receipts and disbursements of the CDBG-R Grants.
(B) Monies deposited in said Fund shall be used in accordance with the grant agreement.
(C) Monies from said Fund may be disbursed only on approved claims allowed by the EC Redevelopment Board of Commissioners. Said fund shall be perpetual in nature; however, should the Fund terminate for any lawful reason, any balance of said Fund shall be disbursed in accordance with the grant agreement.
(Ord. 11-0037, passed 12-26-2011)