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(A) An account is established for the deposit of monies for the Walnut Street Initiative. The monies will come from donations, fundraisers, appropriations from city accounts, or from any other lawful source.
(B) The account shall be named the Walnut Street Initiative/City of Madison, IN Fund and all funds contained in said account shall be expended only for the exclusive purpose to pay for direct operating expenses, educational materials, infrastructure, landscaping, professional services, art work, matching funds for grants and other related expenses required for the continued successful operations of the Walnut Street Initiative Committee.
(C) Prior to any expenditures made from this fund, the Madison Department of Public Parks shall review the claim(s) submitted to the Clerk-Treasurer and recommend to the Board of Public Works and Safety whether the disbursement should be made. The express and written approval of the Board of Public Works and Safety 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.
(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 Department of Public Parks.
(Ord. 2014-24, passed 1-20-15)