(A) The City Clerk and City Treasurer are hereby directed to establish in the financial books and accounts of said city a new account to be titled “Federal Revenue Sharing Trust Fund.”
(B) The City Clerk and said City Treasurer are hereby directed to establish at the Marine Bank and Trust, and First State Bank of Illinois a new account titled “Federal Revenue Sharing Trust Fund.”
(C) The City Clerk and City Treasurer are hereby directed to deposit all receipts received by the city from the Federal Revenue Sharing Funds, under the State and Local Fiscal Assistance Act of 1972, directly into said Federal Revenue Sharing Trust Fund account at the Security State Bank of Hamilton, and to credit said deposits on their books and records in the Federal Revenue Sharing Trust Fund account, aforesaid established in the financial books and records of the city.
(D) Subsequent to depositing any funds in the aforesaid bank account and crediting same on the aforesaid account of the city, the City Clerk and City Treasurer shall invest in such interest-bearing accounts as the Council shall from time to time, by motion, direct and shall expend said funds as the Council shall from time to time, by motion, direct.
(E) No funds from any other source shall be credited to or commingled with the aforesaid funds in the above-named account; however, after being first deposited in the aforesaid account, said Federal Revenue Sharing Funds may be thereafter commingled with other city funds for investment purposes only and, prior to any expenditure of said funds, shall be re-credited to the aforesaid account and books and ledgers of the city.
(F) All of said Federal Revenue Sharing Funds so received shall be expended by the city only in accordance with the provisions and requirements of the State and Local Fiscal Assistance Act of 1972, and regulations promulgated thereunder.
(G) The City Treasurer shall cause to be filed with the United States Secretary of the Treasury all reports required to be filed by law and regulations for each semi-annual entitlement period and shall also cause to be published in the Hancock County Journal-Pilot such reports as are required to be published, the first filing and publishing of said reports appearing to be required on or before March 1, 1974.
(Prior Code, Chapter 3, Article 2, § 4) (Ord. 14 (Series 1972-1973), passed - -)