(A) There is hereby created the Town of Culver Gift Fund into which fund any and all cash donations and monetary gifts shall be deposited.
(B) Gifts received into said fund may be used for the purposes for which the gifts were intended and in accordance with the terms and conditions of the gift received by the town. In the event a gift is made with no terms or conditions, the funds may be used for any purposes allowable by law.
(C) Said Gift Fund shall be perpetual until terminated by the subsequent action of the Culver Town Council.
(D) In the event of the termination of the Gift Fund by subsequent action of the Culver Town Council, to the extent the same would be permitted under terms and conditions of the gifts and in conformance with Indiana law, funds remaining in the Gift Fund upon such termination shall be transferred to the General Fund.
(Ord. 2012-005, passed 10-23-2012)