(A) There is established for the Town of Cedar Lake a Special Monastery Woods Clubhouse Non-Reverting Fund for the Town Department of Parks and Recreation for the purpose of collection and deposit of all miscellaneous revenues generated by the Monastery Woods Clubhouse Park facility and Park parcel upon which it is located in order that such collected funds will be used for the operation, maintenance and upkeep fo the Monastery Woods Clubhouse facility and the Park and Recreation Department activities conducted at such facility and parcel for the benefit of the residents of the Town of Cedar Lake, all pursuant to the provisions of IC 36-1-3-1 et seq., as amended from time to time.
(B) The established Special Monastery Woods Clubhouse Non- Reverting Fund shall be funded from all income generated by the Monastery Woods Clubhouse Facility, including , but not limited to, residential apartment lease payments, facility rental fees, Park and Recreation Department activities fees, for activities on the Park parcel upon which the facility is located, donations related expressly to the Monastery Woods Clubhouse facility only, and any and all similar types of revenue.
(C) The funds deposited into the Special Monastery Woods Clubhouse Non-Reverting Fund established hereby shall be reviewed on an annual basis by the Town Council with the Town Board of Parks and Recreation. All miscellaneous revenue and income, together with all expenses, shall be provided in a report to the Town Council. Revenue in the fund established hereby shall be used exclusively for the operation, maintenance and upkeep of the Monastery Woods Clubhouse facility and Park parcel upon which same is located, as well as activities conducted and overseen by the Department of Parks and Recreation at the Monastery Woods Clubhouse facility upon which it is located, and no other, without the express approval and authorization of the Town Council.
(D) The established Special Monastery Woods Clubhouse Non- Reverting Fund established hereby shall continue as a special non- reverting fund until or unless amended or repealed by subsequent ordinance of the Town Council. The fund balance in the Special Monastery Woods Clubhouse Non-Reverting Fund established hereby shall be non-reverting in each calendar year end. In the event that the Special Monastery Woods Clubhouse Non-Reverting Fund is terminated by repeal or amendatory ordinance, the funds contained therein at the time of termination of the Fund by repeal or amendatory ordinance shall be deposited into the general fund of the town.
(Ord. 1027A, passed 12-18-07)