(a) Effective January 1, 2023, the Finance and Revenue Director is hereby authorized to distribute interest income earned on all investment, savings and checking accounts to the following Funds:
Fund 110 - General Fund 49%
Fund 222 - S.C.M.R. Fund 1%
Fund 224 - State Highway Fund 1%
Fund 401 - Capital Improvement Fund 24%
Fund 404 - Enclave Construction Fund 6%
Fund 408 - Capital Replacement Fund 16%
Fund 701 - Storm Water Management Fund 3%
(b) Effective January 1, 2023, the Finance and Revenue Director is hereby authorized to distribute interest income earned on proceeds from the bond sale for the Northwood Community Center in the amount of seven million three hundred thousand dollars ($7,300,000).
Fund 405 - Rec/Community Center Fund 100%
(Ord. 99-22. Passed 6-24-99.)
(c) 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; Ord. 2023-27. Passed 2-9-23.)