(A) There is hereby established within the general fund a non-lapsing tax deeded property reserve account into which shall be deposited 10% of the net proceeds from the sale of any tax deeded property. The balance in the tax deeded property reserve account shall not exceed $120,000. Deposits shall first be made to the tax deeded property reserve account with the remainder of the proceeds from the sale of tax deeded properties being made to the § 35.033 special revenue reserve account where appropriate.
(B) The Tax Collector may use the balance in the tax deeded property reserve account to pay costs incurred for the city's ownership of tax deeded properties including, but not limited to, the hiring of a property management company, the securing of properties against unauthorized entry and the cleanup and maintenance of properties, including the cleanup of any environmental hazards.
(C) No available balance in the tax deeded property reserve account shall be utilized for any purpose other than authorized herein without the specific approval of two-thirds of the Aldermen- Elect.
(Ord. passed 9-5-17)