(A) That a special non-reverting fund is hereby created to be known as The Lake County Park and Recreation Board Exempt Park Bond Redemption Fund, to be used for the repayment of bonds issued by the Board, and purposes set out in H.E.A. 1001, and applicable state law.
(B) The special non-reverting Fund shall be funded by revenues generated from various facilities and programs, operated by the Lake County Parks and Recreation Board.
(C) Any remaining monies at the end of the Board’s fiscal year shall not revert to the Park Board’s General Fund.
(D) At the Board’s discretion, any monies which accumulate in the non-reverting Fund that it deems excess may be transferred by the Board to any of it’s non-reverting funds.
(Ord. 1316B, passed 10-13-2009)