(A) There is established within the City of Mount Vernon the MV Downtown TIF Fund. This fund shall be a non-reverting fund. The Clerk-Treasurer is directed to deposit into said fund, the tax revenues received which are attributable to the designated downtown and adjacent area TIF District.
(B) This fund shall continue until terminated by ordinance. Expenditure from this fund may be made as provided for by state statute.
(C) This section shall be in full force and effect after adoption by the Council and approval by the Mayor.
(Res. 15-17, passed 6-25-15)