(A) There is hereby created the “Town of Beverly Shores Gift Fund,” which shall be a non-reverting fund. The fund shall be used to receive and hold all money and other property which shall be received by the town as gifts, and accepted by the Town Council.
(B) Any gifts which are restricted or designated to a certain purpose in any manner shall be utilized only for such purpose and shall be maintained by the Clerk-Treasurer of the town in separate ledger accounts to designate such purpose or use. Pursuant to Indiana Attorney General Opinion No. 68 of 1961, any such funds may be spent to satisfy a valid claim or voucher, without additional appropriation. Any unrestricted gifts of money may be co-mingled with all other general funds, and are subject to additional appropriation.
(C) The Clerk-Treasurer is hereby specifically authorized to invest such funds with, or separately from, the remainder of the general fund in any suitable manner as is now provided by state statute and/or ordinance.
(Ord. 2016-07, passed 10-17-2016)