Section 26.37
All tax increments shall be transmitted by the village treasurer into an account of the downtown development authority at the earliest practicable date. All tax increments so received by the downtown development authority shall be disbursed in accordance with the provisions of the development plan and tax increment financing plan and the requisitions of the downtown development authority. Surplus funds shall revert proportionately to the respective taxing bodies. For the purpose of segregation and transfer of such funds, the village treasurer shall maintain a separate fund, which shall be kept in a depository bank account in a bank approved by the village council, to be designated the downtown development authority project fund. All amounts payable to the downtown development authority shall, subject to the provisions of this section, be deposited directly in the downtown development authority project fund. (Ord. No. 118, § 7, 5-20-1997)