123.12 HIGHLAND WOODS SUBDIVISION NO. 2, PHASE I FUND.

   (a)   The Director of Finance of the City of Highland Heights, Ohio, is hereby authorized and directed to establish a special fund, to be known as the “Highland Woods Subdivision No. 2, Phase I Fund”.

   (b)   All interest earned on proceeds of the note issued for construction of the required subdivision improvements in Highland Woods Subdivision No. 2, Phase I shall be credited to the Fund established herein and shall be expended for the purpose of reducing the cost of the final assessments levied to finance such improvements.

   (c)   The Director of Finance shall keep an accurate accounting of all money deposited in the Highland Woods Subdivision No. 2, Phase I Fund and report to Council, from time-to-time as requested, as to the status of the Fund.

(Ord. 34-1985. Passed 7-9-85.)