Good life district economic development fund; requirements

(1) Any city which has established a good life district economic development program shall establish a separate good life district economic development fund for such program, and may establish subaccounts in such fund as determined appropriate. All funds derived from local sources of revenue established for the program or received for the program, and any earnings from the investment of such funds, shall be deposited into such fund. Any proceeds from the issuance and sale of bonds pursuant to the Good Life District Economic Development Act to provide funds to carry out the good life district economic development program, shall be deposited into the good life district economic development fund, or with a bond trustee pursuant to any resolution, trust indenture, or other security instrument entered into in connection with the issuance of such bonds, or as otherwise provided in section 77-4423 . The city shall not transfer or remove funds from a good life district economic development fund other than for the purposes prescribed in the act, and the money in a good life district economic development fund shall not be commingled with any other city funds.

(2) Distribution of any funds from a good life district economic development fund, including from proceeds of bonds issued pursuant to the Good Life District Economic Development Act, to a qualifying business shall be made only upon receipt of evidence that such distribution is for the payment or reimbursement of eligible costs. A city may establish processes for any such approval in the ordinance establishing the applicable program, with a bond trustee under a bond resolution or trust indenture, or as may otherwise be determined appropriate by the city.

(3) Any money in a good life district economic development fund not currently required or committed for purposes of such good life district economic development program shall be invested as provided for in section 77-2341 .

(4) In the event that a good life district economic development program is terminated or ends, the balance of money in such good life district economic development fund not otherwise pledged for payment of bonds or otherwise committed by contract under the program and not required to be transferred to the state General Fund pursuant to subdivision (4)(a) of section 77-4406 shall be deposited in the general fund of the city. Any funds received by the city by reason of a good life district economic development program after the termination of such program shall be transferred from such good life district economic development fund to the general fund of the city as such funds are received.

(5) A good life district economic development fund shall not be terminated until such time as all bonds, contracts, and other obligations payable from such fund are no longer outstanding or are extinguished as provided in section 77-4418 , and all funds related to them fully accounted for, with no further city action required, and after the completion of a final audit pursuant to section 77-4416 .