(A) Funding. Fund 590 (Commissioners’ Property Sales Fund) shall continue as the initial clearing and holding account containing security deposits from property bidders, who are bidding on county owned real estate sold pursuant to state law by the Lake County Board of Commissioners (Commissioners’ real estate sales). Security deposits made by successful bidders shall be transferred to Fund No. 383, the Auditor’s Property Sales Fund, and the security deposits of unsuccessful bidders shall be returned to the bidder.
(B) Use of funds. Fund 383 (Auditor’s Property Sale Fund) shall be established as an Auditor’s Working Fund Account from which property sales related expenses are paid for Commissioners’ real estate sales which occur subsequent to 4-8-2003. Fund No. 383 shall also act as a clearing house for the sales proceeds that are due to the cities, towns, and other entities where the property is located, minus administrative expenses which are determined and documented, and payments to the Auditor’s Incentive Fund, the Treasurer’s Incentive Fund, and the Lake County Board of Commissioner’s Incentive Fund, created pursuant to Lake County Ord. 1113B-1.
(C) Allocation of proceeds. The responsibility, timing, and methodology for allocating proceeds that are due to the cities, towns, and other entities where the property is located, shall be the responsibility of the Lake County Board of Commissioners.
(D) Rescission of prior ordinance. This section rescinds Ord. 1239B, adopted on 5-13-2003.
(Ord. 1239B, passed 5-13-2003; Ord. 1241A, passed 7-8-2003)