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(A) An account is established for the deposit of monies for the Old State Road 56/Main Street Fund. The monies will come from donations, appropriations from city accounts, or from any other lawful source.
(B) The account shall be named the Old State Road 56/Main Street Fund and all funds contained in the account shall be expended only for the exclusive purpose of financing the expenses directly related to the maintenance, upkeep, improvements and other expenses required to maintain the roads, streets, traffic signals and signs, curbs, bridges, and drainage for a safe, attractive and efficient transportation artery.
(C) The streets and roads that may be included for funding from this account are:
(1) East Second Street from Harrison Street to Baltimore Street;
(2) Baltimore Street from Second Street to Main Street;
(3) Main Street, west of Jefferson Street to the city's western corporation limits (Current State Road 56);
(4) Current State Road 56 from the city's western corporation limits to State Road 62; and
(5) State Road 256 from current State Road 56 to State Road 62.
(D) Funds from the account may be used as matching funds for grants if the grants directly benefit any of the streets and roads listed in division (C) above, subject to the approval by the Common Council.
(E) The express approval of the Board of Public Works and Safety shall be obtained prior to the expenditure of funds from the account.
(F) The account shall be nonreverting and exist perpetually unless terminated by a subsequent ordinance enacted by the Common Council.
(G) If the account is terminated by a subsequent ordinance enacted by the Common Council, the remaining balance of the terminated fund shall revert to the general budget of the Common Council.
(Ord. 2014-18, passed 11-5-14)