(A) There is hereby established the American Rescue Plan Coronavirus Local Fiscal Recovery Fund.
(B) The American Rescue Plan Coronavirus Local Fiscal Recovery 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) Only monies received by the city under Title VI of the Social Security Act (42 U.S.C. 801 et seq.), as amended by Section 9901(a) of ARP maybe deposited in the fund.
(D) Cash balances in the American Rescue Plan Coronavirus Local Fiscal Recovery Fund must be appropriated by the Common Council before expenditure.
(E) Expenditures from the American Rescue Plan Coronavirus Local Fiscal Recovery Fund must be made in accordance with a plan, adopted by the Common Council, which defines the allocation of monies among the eligible uses prescribed in Title VI of the Social Security Act (42 U.S.C. 801 et seq.), as amended by Section 9901(a) of the ARP.
(F) Cash balances in the American Rescue Plan Coronavirus Local Fiscal Recovery Fund may be used only for the purposes prescribed in Title VI of the Social Security Act (42 U.S.C. 801 et seq.), as amended by Section 9901(a) of the ARP. Those eligible uses are:
(1) To respond to the public health emergency with respect to the COVID-19 disease or its negative economic impacts, including assistance to households, small businesses, and nonprofits, or aid to impacted industries such as tourism, travel, and hospitality;
(2) To respond to workers performing essential work during the COVID-19 public health emergency by providing premium pay to eligible workers that are performing such essential work, or by providing grants to eligible employers that have eligible workers who perform essential work;
(3) For the provision of government services to the extent of the reduction in revenue due to the COVID-19 public health emergency relative to revenues collected in the most recent full fiscal year prior to the emergency;
(4) To make necessary investments in water, sewer, or broadband infrastructure; or
(5) Any other eligible use prescribed in subsequent amendments to Title VI of the Social Security Act (42 U.S.C. 801 et seq.), as amended by Section 9901(a) of the ARP.
(G) The American Rescue Plan Coronavirus Local Fiscal Recovery Fund shall be liquidated and closed on the later of December 31, 2024, or the date of the final eligible payment from the fund of cash balances encumbered prior to December 31, 2024.
(Ord. 28-04-21, passed 4-27-21)