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(a) There is hereby established a Sidewalk, Curb and Gutter Improvement Fund.
(b) Proceeds from the deposits from the deferral of sidewalk, curb and gutter improvements shall be placed in this Fund. Such funds will be available to the City at the point in time that improvements to sidewalks, curbs and gutters are declared a necessity by Council for the thoroughfare or street in question.
(c) The balance of the Sidewalk, Curb and Gutter Improvement Fund shall be invested, and all interest earned on the investment of said Fund balance shall accrue to the Fund.
(d) In cases where the improvements covered by the deposit are completed and installed through other financial means besides City funds or assessments, such as grants, the amount deposited shall be refunded, with any applicable interest, to the original owner or developer who made the deposit.
(Ord. 5222. Passed 1-20-98.)