(a) The Village Treasurer is authorized and directed to create and establish a restricted fund for unclaimed money, the Unclaimed Monies Agency Fund. The Unclaimed Monies Agency Fund shall be for the purpose of receiving, accounting, and disbursing unclaimed money.
(b) Unclaimed money includes checks which are issued by the Village and are not negotiated for a period of at least ninety (90) days after issuance and deposits, including cash bonds, that are deposited with the Village in accordance with the ordinances or other requirements of the Village and are no longer subject to being used by the Village for the purpose for which they were deposited.
(c) The Unclaimed Monies Agency Fund shall return unclaimed money for a period of five years from the date the unclaimed money is placed in the Unclaimed Monies Agency Fund. The Village Treasurer, provided that the unclaimed money is not claimed by the lawful owner within five years from the date of deposit in the Unclaimed Monies Agency Fund, is authorized and directed to transfer such funds to the General Fund.
(Ord. 2011-82. Passed 12-14-11.)