(A) (1) A special revenue fund, entitled the Host Community Agreement Fund, is hereby established. The Fund is to receive all payments made to the town under the agreement.
(2) No tax revenues or other monies received from the state shall be deposited in the Fund.
(B) Monies deposited in the Fund may be expended by the Town Council for any item, activity or project falling within the scope of any designated purpose of the Fund, as listed in division (D) of this section. Additionally, the Town Council may authorize the Town Clerk-Treasurer to borrow money from the Fund in specified amounts to pay Town expenses if the Council determines that sufficient and appropriate other revenues can be expected to be received in the future to fully reimburse the Fund for the loan. Expenditure of these monies does not require any additional Town Council action authorizing an appropriation, but no expense shall be allowed from the Fund without prior approval of the Town Council done pursuant to the town’s procedure for the payment of claims.
(C) Monies deposited in the Fund shall not revert or transfer to any other fund of the town, at the end of each calendar or fiscal year or at any other time, without Town Council action specifically authorizing the reversion or transfer.
(D) The purposes for which the monies in this Fund are to be expended include:
(1) To acquire real estate, rights-of-way, easements or other interests in real estate to be used for the construction of or access to municipal buildings or other facilities, public ways, sidewalks, water lines, sanitary sewers or storm sewers or for public recreational use;
(2) To purchase, lease, construct, equip and maintain buildings or other facilities for the town or its utilities, public ways, sidewalks, water lines, sanitary sewers or storm sewers;
(3) To prepare real estate for the purchase or construction of buildings and other facilities for the town or its utilities by demolition, grading or making other necessary improvements to the real estate;
(4) To purchase or lease vehicles and other equipment for the town, including its Police and Fire Departments;
(5) To pay the costs of preparing and revising important town documents such as its comprehensive plan, annexation fiscal plans, policies and procedures and code of ordinances and for establishing new ordinance enforcement procedures;
(6) To retire, in whole or in part, the town’s bonded indebtedness;
(7) To be used as the town’s share for participating in state or federal grant programs that require or encourage a local match;
(8) To be used by the town as incentive grants for local civic organizations; and
(9) To contract for or employ the services of any person or firm to work on any activity or project falling within the scope of the previously listed purposes, including, but not limited to engineering, financial and legal professionals.
(Ord. 1-1995, passed 1-3-95; Am. Ord. 9-2003, passed 7-7-03)