(A) The Clerk-Treasurer shall establish a Food and Beverage Receipts Fund (the Fund).
(B) The Clerk-Treasurer shall deposit in this fund all amounts received under this subchapter.
(C) Any money earned from investment of money in this fund becomes a part of this fund.
(D) The Clerk-Treasurer shall apply the monies held in the fund as directed by the Town Council, for the financing, construction, general operation or maintenance of park and recreational facilities.
(E) The Town Council may pledge money in the fund to pay bonds issued, loans obtained, and lease payments or other obligations incurred by or on behalf of the Park Board and/or the Town or a special taxing district in the Town to provide the facilities described in division (D) of this section. This division applies only to bonds, loans, lease payment or obligations that are issued, obtained, or incurred after the date on which the tax is imposed under § 36.02. A pledge of the money in the fund for the financing, construction, operation, or maintenance of any park and recreational facilities is an enforceable pledge under I.C. 5-1-14-4.
(`92 Code, § 4-189) (Ord. 95-24, passed 7-27-95; Am. Ord. 2009-06, passed 5-14-09)