(A) A Road Maintenance/Capital Improvement Account shall be created and $300,000 surplus monies from the present Road Fund shall be initially placed in the account.
(B) In each preceding year up to 15% of road funds, if surplus, shall be placed in the account.
(C) The funds from the account shall be invested as allowed by law and any interest income shall accumulate in the account.
(D) The account is to be used for the purpose of funding pavement of county roads over and above other annual funding sources.
(E) A portion of the principal, which has accrued in the Road Maintenance Fund shall be transferred and allocated each year to the contract paving account of the Road Fund.
(F) The portion of the principal referred to in division (E) above may be zero, but shall be limited to not more than $500,000.
(G) Each year, the Fiscal Court, as part of its budget ordinance, shall declare the exact amount that will be allocated to the contract paving account from the Road Maintenance/capital Improvement Account.
(H) This process for transfer and allocation of funds may continue until the existing Road Maintenance Fund is exhausted.
(Ord. 91-221-33, passed - -; Ord. KOC 04-220-158, passed 6-1-2004)