(A) The Clerk-Treasurer of the town shall establish and maintain a special trust fund in which should be deposited all payments received under the State and Local Fiscal Assistance Act. Whenever possible, the Clerk-Treasurer shall invest the funds in an account which will draw interest during periods which are provided for in the regulations of the administration and control of the funds.
(B) The Clerk-Treasurer of the town is further directed to expend funds out of the State and Local Fiscal Assistance Act, as herein provided, only upon direction of the Town Council and in accordance with the laws and procedures applicable to the expenditure of the Revenue Sharing Fund.
(Ord. 18-1972, passed 12-16-72)