Sec. 111.780. - Loblolly Wetlands Mitigation Special Revenue Fund.

There is created within the General Trust and Agency Fund a trust fund account to be known as the Loblolly Wetlands Mitigation Special Revenue Fund , hereafter called the Fund. The City shall receive and disburse funds from the sale of Excess Mitigation Credits as defined and set forth in the Use Agreement between Loblolly Mitigation Preserve, LLC and the City of Jacksonville, Florida, dated June 30, 2003, hereafter known as the "Use Agreement," and as authorized by Ordinance 2003-488-E. Disbursements shall be in accordance with Ordinance 2003-488-E and the Use Agreement, which include, but are not limited to, the restoration of project accounts, management fees, CPI adjustments, and marketing fees. All sums placed into the Fund (which shall include all interest earned or accrued thereon) are hereby appropriated and shall not lapse but instead shall carry over to the next fiscal year to be used for the purposes described herein. The Director of the Department of Finance and Administration, or his/her designee, is authorized and directed to make disbursements from the Fund upon written requisition of the Finance and Administration Department designee, subject to the availability of funds in the Fund. Pursuant to Ordinance 2003-488-E, after disbursement of the funds for the reasons hereinabove authorized, the Director of the Department of Finance and Administration, or his/her designee, shall transfer any remaining funds to a revenue account for the purposes of capital improvements and land acquisition for conservation and park uses, and subsequent expenditure of these funds shall require City Council appropriation. (Ord. 2005-311-E, § 1; Ord. 2006-422-E, § 115; Ord. 2016-140-E , § 16) Editor's note— Ordinance 2007-839-E, § 18, authorized updated department/division names pursuant to reorganization. Note— Former § 110.399.12.