(A) There is hereby created the Town Grants Fund into which Fund any and all non-reimbursement grants received from any grant source shall be deposited.
(B) Grant funds received into the Fund may be used for any purpose or purposes as allowed by the terms and conditions of the grant received by the town.
(C) The Fund shall be perpetual until terminated by the subsequent action of the Town Council.
(D) Upon termination of the Fund by subsequent action of the Town Council to the extent that the same would not be in violation of the terms and conditions under which the grant has been awarded, any funds remaining in the Grants Fund upon termination shall be transferred to the General Fund.
(Ord. 00-002, passed 6-14-2000)