(A) There is hereby created a fund for the monies received by the town from the federal government, Department of the Interior, National Lakeshore Park for reimbursement of real property tax losses and to authorize the nature, purposes and use of the disbursements of these funds. These funds may be used in conjunction with any other funds ever received by the town from the National Lakeshore Park or U.S. Department of Interior sources. This fund is to be known by the following title and designation: National Park real property tax loss recoupment fund.
(B) Revenue from the National Lakeshore Park, from the U.S. Department of the Interior or from similar federal government sources and donated funds may go into this fund. Transfers from existing town funds are permitted to the extent authorized by law.
(C) This fund shall be a non-reverting fund of the town. It shall terminate upon the enactment of a subsequent ordinance which determines the existence of the fund is no longer needed because the disbursements are no longer being made to the town and there is no expectation of receipt of additional funds or because there are no longer monies in the fund.
(D) Funds received by the town from the National Lakeshore Park or U.S. Department of the Interior or similar federal government source shall be deposited into the fund.
(E) The Town Council hereby authorizes the disbursement of funds to pay any and all general fund expenses incurred by the town or paid by the town.
(F) An accurate accounting shall be maintained of all disbursements and credits and all transactions involving this fund shall be maintained by the Clerk-Treasurer as an official record of the town. From the date of enactment of this section, the money shall not be commingled with other monies of the town.
(G) Be if further ordained, by the Town Council, that this fund establishment and appropriation shall be in full force and effect from and after its passage and as otherwise provided for by law.
(Ord. 2000-05, passed - -)