(A) The city’s Fiscal Officer shall be authorized to establish “Fund 74 - Local Road and Bridge Matching Grant Fund”. The purpose of the Fund will be to collect and hold moneys for matching funds pursuant to the state’s Community Crossings Matching Grant Fund Program.
(B) The initial transfers to the Fund will be $431,120.79 from Fund 257, and an initial $568,880 from Fund 3, which collectively comprise of the $1,000,000.79 matching funds to meet the requirements of the state’s Community Crossings Matching Grant Fund Program.
(C) The moneys transferred to this Fund shall be expended only pursuant to the requirements of the Community Crossings Matching Grant Fund Program. If, for any reason, the funds cannot be used as part of the Community Crossings Matching Grant Fund Program, funds shall be transferred back to their fund of origin.
(Ord. G-17-2, passed 3-14-2017)