a. There is hereby established the Town of Schererville Briar Ridge Culvert Repair Project Special Revenue Non-Reverting Fund, which shall be a special revenue non-reverting fund under the rules, regulations and requirements of applicable Indiana law, including the Indiana Code, as amended from time to time, as well as the administrative rules and requirements of the Indiana State Board of Accounts, as amended from time to time.
b. Any monies collected from each participating party for payment of claims filed by the contractor and related vendors, under the agreement terms of the Joint Interlocal Cooperation Agreement for the Briar Ridge Storm Sewer System Repair/Improvement Project, shall be deposited into the Town of Schererville Briar Ridge Culvert Repair Project Special Revenue Non-Reverting Fund. The Town of Schererville Briar Ridge Culvert Repair Project Special Revenue Non-Reverting Fund shall be initially funded by the Little Calumet River basin Development commission contribution of up to the sum of $697,000, and each of Schererville, Dyer, and Munster contributing one-third of the remaining total costs to fully fund said project costs and payment responsibilities.
c. The Clerk-Treasurer of the Town of Schererville, upon notice and request from the Joint Board established by the aforementioned Joint Interlocal Cooperation Agreement, shall be responsible to request payment, first from the Little Calumet River Basin Development Commission, and thereafter from each of the participating towns in equal shares. The Clerk-Treasurer of the Town of Schererville shall place the receipts from each of the participating units, upon such receipt, into the Town of Schererville Briar Ridge Culvert Repair Project Special Revenue Non-Reverting Fund, which funds shall then be used exclusively for payment of costs of the project following processing consistent with applicable law.
d. The Clerk-Treasurer of the Town of Schererville shall account to the Little Calumet River Basin development commission and the joint Board for claims submitted, payments made, and the balance remaining in the Town of Schererville Briar Ridge Culvert Repair Project Special Revenue Non-Reverting Fund, on a monthly basis.
e. The Clerk-Treasurer of the Town of Schererville shall obtain a partial or full waiver of lien, and other documents required by the Public Works Construction Contract, in exchange for each payment to a contractor or vendor made from the Town of Schererville Briar Ridge Culvert Repair Project Special Revenue Non-Reverting Fund.
f. The Clerk-Treasurer of the Town of Schererville is authorized and directed to take all appropriate and required steps to establish the Town of Schererville Briar Ridge Culvert Repair Project Special Revenue Non-Reverting Fund in conformance and compliance with all applicable law, as amended from time to time.
g. The Town of Schererville Briar Ridge Culvert Repair Project Special Revenue Non-Reverting Fund shall be established and shall exist until termination or completion of the project.
(Ord. No. 1868, §§ 1-7, 5-13-15)