(A) Any funds due to, and received by the village as payment for the purchase or leasing of village-owned property shall be deposited into a special separate account of the village.
(B) Funds accumulating in the special separate account shall be used solely for expenditures related to the commercial, industrial or residential development of the village.
(C) No expenditures shall be made from this special account without the Village Council's approval.
(D) A full report shall be prepared by the Auditor and submitted to the Mayor and Village Council on the last day of the February, April, June, August, October and December and shall include the balance of funds in the special account, funds deposited in and funds expended from the account since January 1 of each year.
(Ord. 90-O-24, passed 5-9-1990)