(A) There shall be a special, non-reverting operating fund of the town funds known as the Park Operating Fund. This fund shall receive all fees received by the Park and Recreation Board for the use of park and recreation facilities. This fund shall also receive any gift, bequest, or other donation made to the Park and Recreation Board for the operation of park facilities and activities and such monies as the Town Council shall from time to time appropriate for those purposes and such fees from park and recreation activities as the Board may from time to time direct.
(B) There shall be a special, non-reverting capital fund of the town funds known as the Park Capital Fund. This fund shall receive any gift, bequest, or other donation made to the Park and Recreation Board for the capital improvement of park property and for the purchase of additional park property, and such funds as the Town Council shall from time to time appropriate for those purposes and such fees from park and recreation activities as the Board may from time to time direct.
(C) The Board may expend monies from either fund for the purposes for which the funds are intended, only upon approved claims, allowed and signed by the president and secretary of the Board.
(Ord. 1990 Park 1, passed 2-19-1990)