(A) Accounts for each READI grant project are established for the purpose of depositing monies from the granting agency, appropriations from city accounts or from any lawful source for paying the required obligations for the City of Madison on the accepted grants.
(B) (1) The accounts shall be named:
(a) Gateway Park READI Grant Non-reverting Fund.
(b) Mulberry Street Arts Corridor READI Grant Non-reverting Fund.
(c) Hanover-Madison Connector Trail READI Grant Non-reverting Fund.
(d) Indiana Music City Amphitheater READI Grant Non-reverting Fund.
(e) Ohio Theatre READI Grant Non-reverting Fund.
(2) All funds contained in the accounts shall be expended only for the exclusive purpose of paying expenses related to the grants.
(C) The accounts shall be nonreverting and exist perpetually unless terminated by a subsequent ordinance enacted by the Common Council.
(D) If either 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. 2022-27, passed 10-18-22; Am. Ord. 2023-5, passed 4-18-23)