(a) Establishment. There is hereby established a Debt Service Fund which shall be known and referred to as the Tax Increment Financing Bond Retirement Fund. The Director of Finance is hereby authorized and directed forthwith to take such action and to make such records as may be necessary to establish the Tax Increment Financing Bond Retirement Fund and thereafter to show its existence and condition at all times upon the proper records of the City.
(b) Money for Fund. All revenues derived from Tax Increment Financing projects shall be kept and maintained in a separate fund hereby designated as the Tax Increment Financing Bond Retirement Fund.
(c) Authorized Expenditures. The TIF Bond Retirement Fund shall be used only for the expenditures incurred for the bond principal and interest payments.
(d) Custody of Fund. The Director of Finance shall have possession and custody of the TIF Bond Retirement Fund and the supervision of all accounts with respect thereto. No further bond shall be required of the Director of Finance because of the Fund, but the TIF Bond Retirement Fund shall be under the protection of any bond heretofore given to that may be given hereafter by the Director of Finance.
(Ord. 78-04. Passed 9-7-2004.)