(A) The prior Ordinance, specifically Ordinance No. 8-2017, related to the Civic Park Development Fund shall be repealed in its entirety by the passage of this section.
(B) The funds in the Riverfront Development Fund shall be spent on any costs related to the Riverfront Development Project, including but not limited to personal services, supplies, other services and charges, debt service, capital outlays, related surrounding property expenses, equipment, demolition, remediation, utilities, and similar expenditures.
(C) The Riverfront Development Fund is subject to the same appropriation process as the other funds that receive tax money and shall be spent with the approval of Common Council.
(D) The Riverfront Development Fund will assume the fund balance of the previous Civic Park Development Fund, with additional funding to be determined by separate action of the Common Council.
(E) Upon dissolution of the Riverfront Development Fund, the fund balance shall be transferred to the Municipal Development Fund.
(Ord. 17-2021, passed 12-6-21)