(a) All interest now or hereafter earned by the Village on funds of the Village invested in bank or savings and loan savings accounts, or certificates of deposit, securities, bonds, or other obligations, shall be, upon its receipt by the Village, transferred and credited to the General Fund of the Village.
(b) Such interest so transferred and credited to the General Fund shall be available and appropriated by Council for expenditure for General Fund or other purposes of the Village.
(c) Such interest need not be retained as a part of the fund on which the interest was earned, nor be used for a special purpose, if any, to which the fund itself is subject.
(Ord. 1960-3-10. Passed 3-1-60.)