[HISTORY: Adopted by the Borough Council of the Borough of Kane 11-8-2023 by Ord. No. A-1071. Amendments noted where applicable.]
A restricted fund was created in December 2022 for the control and investment of $10,000,000 received from the sale of the sewer system to PA American Water, the principal nor any part of the principal of which may not used or expended unless upon authorization of a majority vote of the qualified electors of the Borough of Kane.
A controlled fund was created in December 2022 for the control and investment of $2,713,612.78 from the sale of the sewer system to PA American Water as well as all income that may arise from the investment of the restricted funds. These funds may only be used or expended upon authorization of a majority vote of the Borough Council.