(A) There is hereby established a special non- reverting fund to be known as the County Road Project Revolving Fund, to be maintained separate and apart from all other funds of the county. Moneys in the fund shall never revert to the General Fund.
(B) The fund consists of the following:
(1) Proceeds of the BANs;
(2) At the discretion of the Board of Commissioners, TIF collected in the allocation area, as and to the extent authorized by the County Redevelopment Commission;
(3) Appropriations made by the Council;
(4) Grants and gifts intended for deposit in the fund;
(5) Repayments of loans or other financial assistance;
(6) Proceeds from the sale of notes or bonds as provided under I.C. 5-1-14;
(7) Any interest, premiums, gains or other earnings on the fund.
(C) Moneys in the fund shall be invested in the same manner as other county funds.
(D) Moneys in the fund may be used for the following:
(1) To pay the costs of construction, engineering, design, right-of-way, acquisition financing and incidental expenses in connection with arterial road system and local county road projects in the county;
(2) To pay debt service on any bonds, notes, or other obligations issued to pay the costs of arterial road system and local county road projects in the county; and
(3) To pay lease rentals on any leases entered into for the construction and acquisition of arterial road system and local county road projects in the county.
(E) Moneys in the fund may be spent only upon an order of the Board of Commissioners requesting such expenditures, and subject to appropriation by the Council.
(Ord. 99-66-CM, passed 1-3-00)