(a) There is hereby created a fund known as the fire Department Capital Construction Fund. All funds received by the city as a result of EMS and fire Services to the Village of Waite Hill, by the provisions of EMS services to the nonresidents of the City of Willoughby Hills and through investment earnings shall be utilized for the renovation of the Fire Station.
(b) Expenditures shall be made from the Fire Department Capital Construction Fund for engineering, design, construction management, letting of construction contracts and debt service on any debt instrument issued to acquire the necessary funds to construct or renovate the Fire Department facilities.
(c) Upon the retirement of the Fire Station Improvement Bond issued December 1, 2001 to finance the construction/renovation of the fire station, the Fire Department Capital Construction Fund No. 441 shall be deemed to be closed and, after any remaining liabilities related to the renovation of the fire station, the issuance of debt financing the project or the cost of collecting ambulance fees from nonresidents have been paid, any remaining fund equity shall be and is hereby authorized for transfer to the Fire Department Property, Plant and Equipment Capital Fund No. 444. (Ord. 2016-8. Passed 2-25-16.)