All revenue generated by any Local Source of Revenue which is appropriated or collected for this Program, and any earnings from the investment of such funds, shall be deposited into the Good Life District Program Fund which shall be a restricted fund.
The City is authorized to establish subaccounts in the Good Life District Program Fund as determined appropriate.
Any funds in the Fund may only be appropriated and spent for eligible costs of the Program in any amount and at any time at the discretion and direction of City Council, subject to any restrictions which may be established in connection with the authorization and issuance of bonds or pursuant to other contractual obligations as permitted by the Act.
All amounts deposited in the Fund which are not currently required or committed for purposes of the Program shall be invested as provided for in Neb. Rev. Stat. § 77-2341.
The City may pledge, grant, loan, or otherwise utilize any Local Sources of Revenue deposited into the Fund for the payment of any bond indebtedness incurred by the City for purposes of the Program. The City may disburse these funds, once appropriated or collected, only for Program purposes as set forth in Chapter 38, Article II of Grand Island City Code including the payment or reimbursement of eligible costs made pursuant to any supplemental terms and conditions contained in a duly awarded contract. Disbursements may be made to a qualifying business only upon receipt of evidence that such distribution is for the direct payment or reimbursement of an Eligible Cost for work which has been completed in the Program Area pursuant to an approved Application.
The City of Grand Island shall charge a quarterly administrative fee to the Good Life District Program Fund equivalent to 3% of the Local Sources of Revenue deposited with the Fund in the quarter preceding any disbursement. Each quarterly fee shall be charged by the City to the Program Fund within 45 days of the close of each fiscal quarter, and shall be paid prior to payment of any other eligible costs or debt service on bonds which may be payable from the Fund. This quarterly fee shall be used to cover the City’s internal administrative, financial, and legal expenses related to the administration of this Program including the cost of publication of any requests for proposals, meeting notices, or public hearings, and the cost of routine financial management of the Program Fund by employed City personnel. This administrative fee will not cover, and the City shall impose additional administrative charges against the Fund, for the cost of required independent audits, infrastructure expenses, or outside professional services related to a particular project or application, or any necessary contracted professional services or bond related expenses.
Any proceeds from the issuance and sale of bonds pursuant to the Act which provide funds to carry out the Program shall be deposited into the Fund or with a bond trustee pursuant to any resolution, trust indenture, or other security instrument entered into in connection with the issuance of such bonds or as otherwise provided in Neb. Rev. Stat. § 77-4423.
When the Program terminates by expiration of time, or in the event the Program is repealed by Council, the balance of money remaining in the Fund which are not otherwise pledged for the payment of bonds or otherwise committed by contract under the Program, shall be deposited into the general fund of the City. Any funds received by the City by reason of the Program, after the termination of the Program, shall be transferred from the Fund to the general fund as such funds are received.
Notwithstanding anything to the contrary in the Act, any bonds, contracts, or other obligations which remain outstanding or unpaid upon expiration of the Program on June 5, 2054, shall be deemed canceled and extinguished after all remaining amounts held in the Fund have been depleted to pay such bonds, contracts, or other obligations, and the City shall have no continued liability, express or implied, with respect to such bonds, contracts, or other obligations.
The Fund shall remain open after termination of the Program until such time as all bonds, contracts, and other obligations payable from such Fund are no longer outstanding or are extinguished as provided in Neb. Rev. Stat. § 77-4418, and such funds related to them fully accounted for, with no further City action required, and after the completion of a final audit pursuant to Neb. Rev. Stat. § 77-4416.
The Fund shall be audited, annually, as required in Neb. Rev. Stat. § 77-4416. Such audit shall be conducted by a qualified independent accounting firm who does not have any current or prior contractual business relationship with any qualifying business receiving funds or assistance under the Program. The costs of said audit shall be paid from the Fund. The results of such audit shall be filed with the City Clerk and made available for public review.
(Added by Ord. No. 9983, effective 09-03-2024)