(A) There is created, to be under the control of the Town Council, a special non-reverting operating fund, as authorized in IC 33-19-6-7 and 33-19-8.1 et seq.
(B) Monies received from a contractual agreement with Amos Investment Corporation for subdivision-related construction activities during the joint construction of the Timbergate Golf Course by the town's redevelopment authority shall be deposited in the fund.
(C) Upon receipt of invoice by the contractor, the town shall cause these same funds to be dispersed to said contractor in the appropriately approved amount as certified by the town. Contract retainage shall be transferred by check to a separate escrow account located at NBD Bank, Edinburgh, Indiana, until such time those monies are releasable by the contract.
(Ord. 1997-7, passed 8-25-97)