(A) The city shall, and does hereby create the Fiber Fund (444).
(B) The Fiber Fund shall be funded by an appropriation from the Municipal Development Fund.
(C) The funds in the Fiber Fund shall be spent on costs associated with the completion and operation of the fiber optic internet project.
(D) Any receipts or revenues generated by the fiber optic internet project shall be deposited into the Fiber Fund.
(E) In the event the Fiber Fund were to be dissolved at any point in the future, any funds remaining in the Fiber Fund at the time of dissolution shall revert or be transferred back to the Municipal Development Fund.
(F) The Fiber Fund is subject to the same appropriation process as the other funds that receive tax money and shall be spent when necessary with the approval of Common Council.
(Ord. 3-2020, passed 3-9-20)
Cross-reference:
Municipal Development Fund, see § 36.03