(A) Forfeited property or the funds of forfeited property, sometimes hereinafter referred to as “forfeited funds”, are not intended to be an alternative funding for the administration of criminal justice and such property or funds are to be used solely for narcotics enforcement purposes.
(B) Forfeited funds received must be deposited in a separate, interest-bearing account in a bank which qualifies for insurance protection under the Federal Deposit Insurance Corporation. The balance of any bank account established for the receipt of forfeited funds and interest thereon shall not exceed $100,000 and separate accounts shall be established as required. Signatures of the Village Treasurer and Village Clerk are required for withdrawals from such accounts. Advance approval must be given by the Police Trustee and Chief of Police for all expenditures from such accounts.
(C) The village accounting system must separately account for, and show the detail of, forfeited property, the proceeds of forfeited property, interest earned and recording of expenditures and must, at a minimum, document the following:
(1) Date of receipt or disbursement of checks;
(2) Source or description of receipts or disbursement; and
(3) Court order or case number and associated check number, if any.
(D) Any assets, plus interest thereon, acquired which are subject to this section, are subject to annual audit.
(E) Any non-cash asset acquired by forfeiture and subject to this section must be utilized by the village for at least one year, from the date of acquisition, prior to disposal and must be used for narcotics enforcement only. If said asset is thereafter liquidated, all proceeds from disposal of the asset are subject to the other provisions of this section.
(Prior Code, § 34.08) (Ord. 98-07-02, passed 7-13-1998)