(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) Deposits to this fund shall be comprised of monies received from Midwest Bankers Group, representing the balance of the lease/purchase for the Edinburgh Aquatics Center. The balance of the lease is $82,811.27, which will be delivered from Midwest Bankers Group to the town for deposit in this non-reverting fund.
(C) Funds deposited in the non-reverting fund shall be dispersed to Spear Corporation in compliance with the existing contract based on the contractor's finalization of work. Also, the Edinburgh Electric Utility shall receive reimbursement in the amount of $22,187.66 for electrical equipment purchased and installed by the utility. Any remaining funds may be utilized to purchase pool operation-related capital equipment or be committed to the bi-annual lease payments for the pool facility.
(Ord. 1997-9, passed 10-27-97)