(A) There is hereby established a “Rainy Day Fund” to receive special distribution income taxes from the county.
(B) The funds on deposit in the Rainy Day Fund may be used for the operation of the town and its various departments, when the town does not have sufficient levies or funds to pay such costs, including but not limited to, salaries and wages, costs of services, supplies, equipment, capital improvements, repairs and similar expenditures.
(C) The Town Council may authorize the expenditure of funds from the Rainy Day Fund by appropriations made in the same manner as other funds are appropriated that receive tax monies, upon making a finding that the proposed use of the funds is consistent with the intent of the fund.
(Ord. 03-01-09, passed 3-10-2009)