(A) Establishment of the Fire Loan Debt Fund. The Town Council hereby establishes a new fund to be called the “Fire Loan Debt Fund” for the purpose of consolidating funds related to the Perry Township Reorganization to be allocated towards payments on the outstanding fire loan.
(B) Receipts and expenditures. The Fund will be funded with the following types of revenues: property taxes, financial institutions taxes, vehicle/aircraft excise tax, and commercial vehicle excise tax, and will permit expenditures associated with the outstanding fire loan.
(C) Excess funds. In the event that the Town Council determines that the balance of the Fund is no longer needed for the purpose set forth in division (A) of this section, any excess money in the Fund shall be transferred to the General Fund and the Fund shall be closed.
(D) Effectiveness. This section shall be in full force and effect from and after its adoption by the Town Council and upon compliance with the procedures required by law.
(Ord. 2015-20, passed 11-2-2015)