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(A) There is hereby established the Downtown Development Fund.
(B) The Downtown Development Fund is a dedicated fund. Unexpended cash balances in the Fund will remain in the Fund and not revert to the General Fund at year end.
(C) Cash balances in the Downtown Development Fund may be used only for the betterment of the Downtown District.
(D) Any cash balances in the Downtown Development Fund must be appropriated by the Common Council through the appropriation process, as authorized by IC 36-1-8-5.1(c), to be available for use.
(E) Each calendar year, the first $500,000 of revenue received from the city’s allocation of the county local income tax shall be deposited into the Downtown Development Fund.
(F) With approval from the Mayor, the Common Council may transfer cash balances from the General Fund, or any other city fund with an unrestricted excess cash balance, to the Downtown Development Fund.
(G) With a declaration of fiscal necessity, the Mayor may ask the Common Council to transfer cash balances from the Downtown Development Fund to the General Fund or any other civil city operating fund as needed.
(H) The Downtown Development Fund may accept private donations, but such donations may not be restricted by the benefactor to a specific use, purpose, or project.
(Ord. 59-12-17, passed 12-19-17)