(A) There is hereby established a special non-reverting fund to be known as the Tippecanoe County Jail Expansion Construction Escrow Account, to be maintained separate and apart from all other funds of the county. Funds in the account shall be deposited into the Escrow Deposit Account established by the Escrow Agreement between the county and Bank One Trust Company, National Association, which agreement is hereby approved and a copy thereof attached to ordinance 2001-41-CM as Exhibit A. Moneys in the Fund and interest thereon shall not revert to the County General Fund.
(B) The Fund consists of the following:
(1) Proceeds of the sale of the existing Tippecanoe County Law Enforcement Facility (Jail) to the Tippecanoe County Governmental Building Corporation;
(2) Appropriations made by the Council;
(3) Grants and gifts intended for deposit in the Fund; and
(4) Any interest, premiums, gains or other earnings on the Fund.
(C) The Escrow Agent shall apply the funds held in the Escrow Account to the cost of renovating and equipping the building and the addition to the Tippecanoe County Law Enforcement Facility Jail, upon the written request of the Board of Commissioners, including, but not limited to, the following items:
(1) Obligations incurred for labor and to contractors, builders and materialmen in connection with the improvement of the existing jail facility and construction of a portion of the addition;
(2) The cost of equipment for the building;
(3) Architects, engineers, construction managers and attorneys expenses and fees; and
(4) All other incidental costs incurred in connection with the cost of construction and equipping of the building.
(Ord. 2001-41-CM, passed 11-7-01)