FORT WAYNE, Ind. (WOWO): The Fort Wayne City Council has approved creating three reserve accounts within the city's Legacy Fund. The accounts divide $2 million dollars worth of three Redevelopment District Revenue Bonds that were issued in 2005.

The Legacy Funds total about $48 million that were acquired from the sale of Fort Wayne's old electric utilities.

The Journal Gazette reports the bonds were issued in 2005 for various redevelopment projects, mainly in the Southtown area of the city. Two of those bonds will need to be used by 2021, while the other will close in 2016.

The $2 million is said to continue to collect interest and cannot be used for other Legacy projects.