(A) An account is established for the purpose of depositing monies from Riverfront District License Fees, donations, grants, appropriations from city accounts or from any lawful source for paying the required obligations for the city Economic Development.
(B) The account shall be named the Economic Development non- reverting fund and all funds contained in the account shall be expended only for the exclusive purpose of paying expenses related to marketing, marketing strategies, research, grant matches, travel, and projects associated with retention and attraction of business ventures.
(C) The account shall be nonreverting and exist perpetually unless terminated by a subsequent ordinance enacted by the Common Council.
(D) 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.
(E) Any funds needed for projects, acquisition, administration, or enforcement under this chapter shall be subject to the standard processes and policies that govern the city budgeting and expenditures.
(Ord. 2022-7, passed 5-17-22; Am. Ord. 2023-7, passed 5-3-23)