Interest shall be credited to the following funds based upon their proportionate fund balances as a percentage of the total fund balances. This shall be done by using the beginning fund balance and the ending fund balance each month (before crediting of monthly interest) and dividing by two to get the weighted average fund balance.
(a) General Fund. Additionally all funds in which interest is not credited shall have proportional balances credited to the General Fund with the exception of the Cemetery Closure Maintenance Fund.
(b) All utility funds (Enterprise Funds).
(c) Any Special Levy Fund.
(d) Cemetery Closure Maintenance Fund. Additionally use proportional balance of the Cemetery Fund with Cemetery Closure Maintenance Fund.
(e) Street Funds per ORC. Including Street Construction Maintenance and Repair; State Highway Improvement; and the Permissive Tax.
(f) General Bond Retirement Fund.
(g) All other funds in which State or Federal law require that interest be credited thereto.
(h) Any new Fund that is credited in which the ordinance establishing the Fund mandates that interest shall be credited to the Fund.
(Ord. 10-811. Passed 8-17-10.)