(A) The village shall establish a trust and agency account (also known as an escrow account):
(1) For the purpose of accounting for development costs and reimbursement for such costs with sub-accounts for each separate petitioner; and
(2) For the purpose of accounting for other deposits being held in trust from time to time.
(B) Such trust and agency accounts shall be subject to audit as in the case of all other accounts and funds of the village but shall not be part of the budget process of the village.
(Ord. 17-50, passed 10-2-2017)