(A) There is hereby created a fund for the hazard mitigation emergency power system grant fund for the town for the purpose of acquiring, installing, operating and maintaining the emergency generator or emergency power system for the town. These funds may also be used to pay the town's share of grant contributions and to receive and disburse grant revenue from any and all sources and to receive operating funds for the emergency generator from any and all sources. This fund is to be known by the following title and designation: emergency generator grant fund.
(B) Revenue from grants and donations may go into this fund. Transfers from existing town funds, including the general fund and the cumulative capital improvement (CCI) fund 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 system has been installed and is operating or because there are no longer monies in the fund.
(D) Funds received by the town for the emergency generator power system shall be deposited into the fund.
(E) The Town Council hereby authorizes the disbursement of funds to pay the town's share of acquisition and may pay expenses incurred in relation to the installation, operation and maintenance of the emergency generator power system or for all similar expenses related to the purposes specified herein or by the donors of specific gifts related to this fund.
(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. The money shall not be commingled with other monies of the town.
(Ord. 99-05, passed 8-6-1999)