(A) There is hereby created the Maintenance Obligation Nonreverting Fund designated as Fund No. 277 into which are to be deposited any and all cash maintenance payments required to satisfy a developer's maintenance bond obligations pursuant to the Code of Ordinances of McCordsville, Indiana.
(B) The funds or monies within the nonreverting fund may be expended to repair, replace, install, and maintain any and all infrastructure that requires such services within three years of the deposit of the monies. Upon the expiration of three years from the deposit of the monies into the nonreverting fund, all remaining monies shall be returned to the developer or their designated agent.
(Ord. 041420, passed 4-14-2020)