(A) A new fund, “Martha Burge Drain Reconstruction” fund, is hereby created as Fund No. 4941 for the receipt and deposit of funds for the Martha Burge Drain Reconstruction project.
(B) The revenue for this new fund will come from collections from settlement.
(C) Expenditures for this fund will be for semi-annual loan payments to First Farmers Bank.
(D) The life of the fund will be until the maturity date of the loan in June 2028.
(E) The fund balance is perpetual but will act as a clearing fund to pay on the bank loans after each semi-annual settlement.
(F) The fund cash balance will be $0.00 upon termination of the fund.
(Ord. 2023-BCCO-22, passed 6-19-23)