(A) There is hereby established a Redevelopment Capital Fund 0406 for the purpose of accounting for the receipts and disbursements of the NWI Regional Development Authority grant proceeds and other redevelopment improvements revenues.
(B) Monies deposited in said Fund shall be used for the purposes described in the grant agreement and as approved by the City Redevelopment Board of Commissioners.
(C) Monies from said Fund may be disbursed only on approved claims allowed by the City Redevelopment Board of Commissioners.
(D) 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 and as lawfully allowed.
(Ord. 14-0020, passed 8-11-2014)