§ 106-71. Trust fund and accounts established; purpose.

(a)

There has been established and created, and shall be hereafter maintained, in accordance with the Community Redevelopment Act, a community redevelopment trust fund for the community redevelopment area, which redevelopment trust fund shall be utilized and expended for the purposes of and in accordance with this article and the community redevelopment plan for each sub-area, including any amendments or modifications thereto approved by city council, including any community redevelopment under the community redevelopment plan.

(b)

City shall establish and maintain, within the community redevelopment fund, a separate community redevelopment trust fund account for each sub-area. All increment revenues collected within a sub-area and deposited into the community redevelopment fund shall be deposited into the applicable account for such sub-area.

(Ord. No. 2016-2, § 3, 11-17-15)