(A) There is hereby established the Jail Bond Elimination Fund.
(B) The Fund shall be funded by the county economic development income tax fund (CEDIT Fund) and earned interest monies above forecasted miscellaneous revenues for each budget year.
(C) Appropriations into the Fund shall be at least $950,000 annually.
(D) The County Treasurer shall invest the appropriations and the earned interest shall go directly into the Fund.
(E) At the end of ten years, or as soon thereafter as possible, the monies of the Jail Bond Elimination Fund shall be used solely to pay off the remaining debt.
(F) Any remaining monies, if any, shall revert back to the General Fund, and the Jail Bond Elimination Fund shall cease to exist.
(Ord. 2001-16, passed 9-11-01)
Cross-reference:
Economic development income tax, see § 36.36