(A) Pursuant to Senate Enrolled Act No. 325, there is hereby established a Local Development Agreement (LDA) Fund, for the purpose of accounting for the receipts and disbursements of money received from a “Development Provider” being the city’s gaming licensee.
(B) Monies contained in this Fund shall be deposited into a separate bank account in an FDIC insured state bank within five days after its receipt from the Development Provider.
(C) This fund will allow only expenditures according to the terms of the Local Development Agreement, as approved by the State Gaming Commission, which specifies the kind and type of expenditures that may be made from this Fund.
(Ord. 11-0014, passed 7-25-2011)