(A) A special non-reverting fund is hereby created to be known as "The Lake County Park and Recreation Board Revenue Bond Redemption Fund", to be used for the repayment of bonds issued by said Board, and purposes provided for in H.E.A. 1001, and applicable state law.
(B) Said 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 said 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 said non-reverting fund that it deems excess may be transferred by the Board to any of its non-reverting funds.
(Ord. 1460A, passed 6-8-2021)