(A) There is hereby established a special revenue fund designated Fund 257 titled LOIT Special Distribution to receipt and account for the restricted portion of the distribution received from the county as described above.
(B) Seventy-five percent of the funds deposited shall be restricted for use for the city’s infrastructure needs.
(C) The unrestricted portion of the distribution may be deposited into the General Fund, into a properly created home rule fund, or into the rainy day fund if properly designated as a source.
(D) The distribution is expected to be a one-time event; however, in the event that the Fund is terminated for any lawful reason before the monies are spent, monies remaining shall revert to the General Fund.
(Ord. 16-0014, passed 10-24-2016)