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M.V. ORDINANCE N0. 87- 39 <br />Page -3- <br />(a) Al1 cash and/or resources received by Mayfield <br />Village regarding the development of the Hanover Woods <br />estate shall be accounted for in the Hanover Woods Fundo <br />(b) This fund has been previously classified by <br />t4ayfield Village as a Nonexpendable trust fund. It is the <br />intent of this fund to account cash and/or resources <br />deposited for performance of various planning and building <br />codes of the Village in the Hanover Woods estate. The <br />Finance Director has determined that the current fund does <br />not have a corpus or principalo Given the length of time <br />involved in the development of the estate, this fund <br />will be classified as an expendable trust fund and not an <br />agency fund type. <br />(c) The Director of Finance shall make payments from <br />said specific fund upon the presentation of vouchers or <br />orders therefor by proper Village officials in accordance <br />with the laws, ordinances and appropriations of Mayfield <br />Village. <br />C. There is hereby created a Fiduciary Fund Type, which will <br />be an Expendable Trust Fund Type, and this particular fund will <br />be known as the '°Performance Bond Fund'°, <br />(a) Al1 cash and/or resources received by Mayfield <br />Village regarding, but not limited to, development, <br />improvement, rehabilitation of various structures in <br />the Village, and deposits for performance shall be <br />accounted for in the Performance Bond Fund. <br />(b) This fund has been previously classified by <br />Mayfield Village as a Non-expendable trust funda It is <br />the intent of this fund to account for cash and/or resources <br />deposited for the performance of various codes and ordi- <br />nances of the Village. The Finance Director has determined <br />that the current fund does not have a corpus or principale <br />Further, given the length of time involved with the <br />various deposits for performance, this fund will be <br />classified as an expendable trust fund and not an agency <br />fund type. <br />(c) The Director of Finance shall make payments from <br />said specific fund upon presentation of vouchers or orders <br />therefor by proper Village officials in accordance with the <br />laws, ordinances and appropriations of Mayfield Village. <br />The following have been established as Nonexpendable Trust <br />Funds in the Village Recorda <br />D. There is hereby created a Fiduciary Fund Type, which <br />will be an Expendable Trust Fund Type and this particular fund <br />will be known as the Mayfield Community Improvement Corporation