§ 49-103. Creation of an economic trust fund.

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The County hereby creates the Interchange Activity Center No. 9 Innovation Zone Trust Fund. The tax increment shall be deposited into the trust fund and the trust fund proceeds shall be utilized to implement the Economic Development Plan set forth in Section Five [§ 49-104]. The Trust Fund corpus will not exceed One Million Dollars ($1,000,000) in any single fiscal year, and is subject to annual appropriation by the County. Up to 5% of the Trust Corpus shall be reserved as an annual administrative fee for the County. Upon termination of the Trust Fund, any unspent and unencumbered proceeds shall revert to the County's General Fund.

(Ord. No. 2018-39, § 4)

                    
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