a. There is hereby established for the Town a Special Town Pennsy Greenway Bike Trail Non-Reverting Fund for purposes of establishing a purchase, operation, maintenance and capital improvement funding source for the Pennsy Greenway Bike Trail being developed in Town, pursuant to the provisions of Indiana Code § 36-1-3-1 et seq., as amended from time to time.
b. The established Special Town Pennsy Greenway Bike Trail Project Non-Reverting Fund shall be funded from the lease rental payments to the Town by Lamar Sign Co., Inc., for lease rental obligations for use in the purchase, operation, maintenance, and capital improvement of said Pennsy Greenway Bike Trail Project, as well as for all other bike trails and pedestrian facilities in the Town purchased, operated, maintained and utilized by the residents of the Town of Schererville under the jurisdictional authority of the Town Department of Parks and Recreation, all as determined by the Town Council.
c. The funds deposited into the Special Town Pennsy Greenway Bike Trail Non-Reverting Fund established hereby shall be reviewed on an annual basis by the Town Council. Funds collected and deposited into the Special Pennsy Greenway Bike Trail Project Non-Reverting Fund established hereby shall be utilized solely for purchase, operation, maintenance and/or capital improvements for the Pennsy Greenway Bike Trail, or any other bike trail or pedestrian facilities in the Town of Schererville under the jurisdictional authority of the Town Department of Parks and Recreation. Said funds are to be used as indicated, and as authorized and approved by the Town Council.
d. The established Special Town Pennsy Greenway Bike Trail Non-Reverting Fund established hereby shall continue as a Non-Reverting Fund until or unless amended or repealed by subsequent ordinance of the Town. The fund balance in the Special Town Pennsy Greenway Bike Trail Non-Reverting Fund established hereby shall be non-reverting at each calendar year end. In the event that the Special Non- Reverting Fund is terminated by repealer or amendatory ordinance, the funds contained therein at the time of termination of the Non-Reverting Fund by repealer or amendatory ordinance shall be deposited into the General Fund of the Town.
(Ord. No. 1683, §§ 1-4, 9-27-06; Ord. No. 1683A, §§ 2, 3, 5-11-11)