(a) There is hereby established a fund which shall be identified as the Stormwater Management Capital Improvement Fund. This fund shall be utilized for the deposit of receipts from the sale of notes and/or bonds sold for the purpose of providing the funding necessary for the infrastructure improvements to the City of Willowick stormwater sewer system and its appurtenances, and to maintain compliance with any and all state and federal regulatory agencies.
(b) Council may transfer, deposit, or appropriate funds from the General Fund, from grants obtained from other public or private entities, and such other sources as specified by an affirmative vote of Council to be used to fund the infrastructure improvements to the City of Willowick stormwater sewer system and its appurtenances, and to maintain compliance with any and all state and federal regulatory agencies.
(c) Upon approval by Council, this fund shall be solely used to pay for the infrastructure improvements to the City of Willowick stormwater sewer system and its appurtenances, and to maintain compliance with any and all state and federal regulatory agencies.
(Ord. 2007-31. Passed 5-1-07.)