(A) An account is established for the deposit of monies for the maintenance and operation of TIF District.
(B) The account shall be named the TIF District Fund and all funds contained in the account shall be expended only for the limited and exclusive purpose of financing the maintenance and operation of TIF.
(C) The express and written approval of the Board of Public Works and Safety of the city shall be obtained prior to the expenditure of funds from the account.
(D) The account shall be nonreverting and exist perpetually unless terminated by a subsequent ordinance enacted by the Common Council of the city.
(E) If the account is terminated by a subsequent ordinance enacted by the Common Council, the remaining balance of the terminated account shall revert to the general budget of the Common Council.
(Ord. 1996-6, passed 4-2-96)