Skip to code content (skip section selection)
There is hereby created and established a Revenue Sharing Trust Fund. All funds received from and through the Revenue Sharing Act shall be placed in the Trust Fund. The funds may from time to time be appropriated from necessary or desirable expenditures of the city in accordance with appropriation procedures established by the U.S. Department of the Treasury and the State Board of Accounts for revenue sharing funds, so long as the funds are appropriated only for purposes for which the city may appropriate its own locally derived tax monies and operating revenues. The Clerk-Treasurer is authorized to invest the funds from time to time, as other municipal funds are so invested, until the times as the funds are required to be expended. However, the Clerk-Treasurer shall maintain adequate memoranda accounts of the investments showing which investments or portion thereof derive from revenue sharing trust funds attributable to each federal allocation period, and all earnings or capital gains from the investments shall accrue back to the Revenue Sharing Trust Fund, and shall be proportionally allocated to and deemed a part of the total funds received during each allocation period.
(1985 Code, § 9-8-4) (Ord. 4-1972, passed 12-28-1972; Ord. 13-1984, passed - -1984)