(a) Effective July 1, 1999, the Finance and Revenue Director is hereby authorized to distribute interest income earned on all investment, savings and checking accounts to the following Funds, based on revenues generated during fiscal year 1998, rounded up to the nearest full percentage point:
Fund 110 - General Fund 90%
Fund 222 - S.C.M.R. Fund 5%
Fund 223 - Motor Vehicle License Tax Fund 1%
Fund 224 - State Highway Fund 1%
Fund 230 - Northwood Waste/Environmental Fund 1%
Fund 236 - Special Law Enforcement Fund 1%
Fund 702 - Sanitary Sewer OMR Fund 1%
Fund 236 (Special Law Enforcement Fund) shall receive interest from the date of deposit of forfeiture funds and the transferred balance from the Police Department checking account, pro-rated for the month of June, 1999.
(Ord. 99-22. Passed 6-24-99.)
(b) The distribution of earned interest income as set forth in subsection (a) hereof shall be subject to annual review by Council.
(Ord. 96-3. Passed 2-22-96.)