Interest income on treasury investments shall be paid into the following Village funds: the General Fund, the Income Tax Fund, and the various utilities revenue funds as determined by a committee comprised of the Mayor, the Municipal Director and the Clerk-Treasurer of the Village of Ottawa and approved by Council. The one exception is in cases where the investment is made with the proceeds from the sale of bonds or notes in which case such interest shall be paid into the proper debt retirement fund. Interest paid into the Street CMR Fund and the State Highway Fund shall be based upon current state requirements.
(Ord. 01-02. Passed 1-22-01.)