(A) Establishment of non-reverting fund. The Council hereby establishes the Payment in Lieu of Open Space Fund, Fund Number 8130 (the "Fund") to be designated as a local non-reverting fund.
(B) Purpose. The Fund shall serve as a local non-reverting fund for the purposes of:
(1) Paying or reimbursing the city for the commissioning, installation, maintenance and programming of public art throughout the city; or
(2) Paying or reimbursing the city for capital construction, maintenance or other improvements to nearby regional parks.
(C) Administration of the Fund. The Controller shall keep records and monitor activities of all receipts into the Fund. Disbursements may be made from the Fund without the necessity of appropriation by the Council upon a valid claim being presented to the city subject to any other requirements by Indiana law.
(D) All monies in the Fund at the end of every budget year shall not revert to any other source; rather, monies shall continue to be held in this non-reverting fund from year to year.
(Ord. 061520, passed 6-15-20)