(A) There is hereby established a special Headwaters Park Capital Fund for park purposes pursuant to IC 36-1-7-11 for the city. The expenditures from such fund shall be managed and approved by the Redevelopment Commission. The following expenditures may be made from said fund: acquisition, demolition and site stabilization of flood prone properties within the boundaries of Headwaters Park (as established in city/county interlocal agreement), as well as such other capital expenditures deemed appropriate by the Redevelopment Commission.
(B) The following deposits may be made into said fund: funding from the state, Maumee Basin Commission and other entities providing funding.
(C) Expenditures from said fund shall not exceed the amount deposited from funding sources.
(Ord. G-03-93, passed 1-26-93)