(A) Title to the Recycling Non-Reverting Escrow Fund of each governmental entity subject to this subchapter shall be vested in the governmental entity that created the Fund pursuant to this subchapter. Each entity may select a banking institution of its choice as depository for this Fund. The institution so selected, the account number of the Fund and copies of monthly bank statements of the fund shall be delivered to the controller of the district during the contract term, within ten days of the date the depository mails it to each governmental entity. Each entity shall be entitled to invest the monies, for a term not exceeding three months, not presently due or anticipated to be due the district so as to increase its value and worth.
(B) All income earned from the investments shall belong to the entity holding title to the Fund. The Fund shall be expended, during the contract term, only for expenses and vendor contract payment obligations due the district as a result of the operation, maintenance and management of the vendor contract.
(C) The cities and towns, and the Commissioners relative to the county area, shall be entitled to make other expenditures from the Recycling Non-Reverting Escrow Fund:
(1) Only after their respective contract payment obligations are paid in full to the district through the entire contract term; or
(2) For other purposes relating to recycling and solid waste reduction prior to expiration of the contract term and upon majority approval of the District Board of Directors after consideration of the requesting entity's then-remaining contract obligations.
(D) The cities, towns and Commissioners shall establish withdrawal procedures from their respective Recycling Non-Reverting Escrow Fund providing that no withdrawals from the Fund can be made, for so long as the entity has outstanding or future obligations to the vendor contract, without the signature of the controller of the district upon any withdrawal document or instrument.
(`93 Code, § 6-143) (Ord. 1993-10, passed 6-28-93; Am. Res. 99-01, passed 1-5-99)