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(A) An account is established for the deposit of monies for deductible requirements for the State of Indiana's Excess Liability Trust Fund as regulated and required by the Indiana Department of Environmental Management pursuant to Indiana Administrative Code 329 IAC 9, I.C. 13-23-8 and I.C. 13-23-9. The monies will come from appropriations from city accounts or from any other lawful source.
(B) Said account shall be named the Underground Storage Tanks Liability Fund and all funds contained in said account shall be expended only for the exclusive purpose of paying the city's required deductible of the Indiana Excess Liability Trust Fund should a release of underground leak or above ground spill occur.
(C) The monies placed in the Fund shall be dedicated in a separate bank account or in an authorized investment instrument and shall not be commingled with any other city funds.
(D) Said account shall be nonreverting and exist perpetually unless terminated by the mutual consent of the Indiana Department of Environmental Management and the City of Madison by a subsequent ordinance enacted by the Common Council.
(E) If said 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. 2014-17, passed 10-21-14)