(A) There is hereby created and established a non-reverting capital fund for the use and benefit of the Park and Recreation Board to be known as the Park Cumulative Capital Fund.
(B) The Fund shall be used by the Park and Recreation Board for acquiring land, making specific capital improvements, maintaining and repairing of specific capital improvements, or any other purpose which may be authorized by law.
(C) Funds for the Park Cumulative Capital Fund may be received by donations from any party, gifts from any party, bequests from any party, fund raising activities carried out by or under the authority of the Park and Recreation Board, or by appropriations which may, from year to year or time to time, be placed in the budget of the Department of Parks and Recreation by the Town Council.
(D) The Clerk-Treasurer shall establish and maintain the Fund, shall receive and disburse all monies into and from the Fund, and shall be responsible for accounting therefor.
(E) Expenditure of funds from the Park Cumulative Capital Fund shall be made without the necessity of an appropriation by the Town Council or by an appropriation by the Park and Recreation Board. The Clerk-Treasurer shall make disbursements from the Fund as authorized, in writing, by the Park and Recreation Board.
(F) Notwithstanding the provisions herein, money held in the Fund may be spent for purposes other than those purposes contained herein, if the purpose of the expenditure is to protect the public health, welfare, or safety in an emergency situation, as may be determined by the Park and Recreation Board.
(2011 Code, § 31.18) (Ord. 1989-4, passed 12-27-1989)
Cross-reference:
Department of Parks and Recreation, see § 30.02