(a) There is hereby established Fund 429 in the approximate amount of one million six hundred thousand dollars ($1,600,000), which shall be identified as the East 329 Street Phase 2 Capital Improvement Fund. This Fund shall be utilized for the deposit of receipts from the contributions from such other sources and funds as allowed by law, for the purpose of providing the funding necessary for infrastructure improvements to Phase 2 of the City of Willowick's East 329 Street to include, sewer and lateral cleaning and televising, sanitary and storm sewer lining, sewer point repairs, and service connection rehabilitation and all other necessary appurtenances thereto in the East 329 Street area, and to further ensure and maintain compliance with any and all state and Federal regulatory agencies.
(b) Council may transfer, deposit, or appropriate funds from the General Fund, Sewer Revenue 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 sewer and lateral cleaning and televising, sanitary and storm sewer lining, sewer point repairs, and service connection rehabilitation and all other necessary appurtenances thereto in the East 329 Street area, and to maintain compliance with any and all state and Federal regulatory agencies.
(c) Upon approval by Council, this Fund shall be used solely to pay for the infrastructure improvements to Phase 2 of the City of Willowick's East 329 Street to include sewer and lateral cleaning and televising, sanitary and storm sewer lining, sewer point repairs, and service connection rehabilitation and all other necessary appurtenances thereto in the East 329 Street area, and to maintain compliance with any and all state and Federal regulatory requirements.
(Ord. 2019-11. Passed 4-2-19. Ord. 2020-37. Passed 9-1-20.)