(A) There is hereby established the Economic Incentive Revolving Fund in Chapter 38 of the city code.
(B) The Economic Incentive Revolving Fund is a special purpose 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 Economic Incentive Revolving Fund may be used only for providing liquidity in circumstances when the City must cover expenses associated with a development agreement, approved by the Common Council, until the permanent funding source for those expenses is generating sufficient cash.
(D) The Economic Incentive Revolving Fund may receive reimbursement payments from other City funds as provided for in a development agreement.
(E) Cash balances in the Economic Incentive Revolving Fund are continuously appropriated by the Common Council for the purposes of the fund.
(F) No revenue of the Civil City, from taxes or fees, may be deposited initially into the Economic Incentive Revolving Fund. The fund must be capitalized by cash transfers from other funds.
(G) With approval from the Mayor, the Common Council may transfer cash balances from the General Fund or any other City fund which has an unrestricted excess cash balance to the Economic Incentive Revolving Fund.
(H) With a declaration of fiscal necessity, the Mayor may ask the Common Council to transfer cash balances from the Economic Incentive Revolving Fund to the General Fund or any other Civil City operating fund as needed.
(Ord. 27-08-18, passed 9-11-18)