§ 2-170.3. Municipal golf courses nonreverting capital improvement fund.

Latest version.

(a)

The municipal golf courses nonreverting capital improvement fund is established pursuant to IC 36-10-4-16.

(b)

The increment increase of all green fees for the use of Erskine, Studebaker and Elbel golf courses established by the Board of Park Commissioners on November 23, 1992, shall be deposited into this special fund.

(c)

Funds may only be expended for capital improvements directly related to the City's municipal golf courses upon passage of a proper appropriation ordinance by the Common Council.

(d)

Any and all interest earned on the monies deposited in this special fund shall remain a part of the municipal golf courses nonreverting capital improvement fund.

(Ord. No. 8329-92, § 1, 12-14-92)

                    
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