(A) To carry out the purposes of this ordinance, fund balance placed in the bond rating enhancement reserve is intended to remain in the reserve and is not to be expended for any other purpose except as provided in this section.
(B) The bond rating enhancement reserve may be expended only if the county governing body:
(1) Holds a duly advertised public hearing, and
(2) Adopts an ordinance with a specific finding that the expenditure of these bond enhancement reserves is necessary because of extreme circumstances.
(C) Extreme circumstances exist if (1) unexpected expenditures are required in excess of the expenditures and contingency fund provided for in the annual budget or (2) the county governing body determines that the expenditures are necessary to address budget needs.
(D) Any withdrawals from the bond rating enhancement reserve may be restored to the reserve as the county deems appropriate.
(Ord. 03-14-337, 9-25-2003; Ord. 09-13-517, 5-19-2009; Ord. 14-23-678, 11-13-2014)