(A) here is created, to be under the control of the Town Council of the Town of Edinburgh and its Edinburgh Redevelopment Authority, a special non-reverting operating fund named Timbergate Operations NRO as authorized in IC 33-19-6-7 and IC 33-19-8.1 et seq. The purpose of the fund is to accommodate start-up expenses of the Timbergate Golf Course Operation including but not limited to the following: temporary club house, temporary cart storage, equipment, supplies, pro-shop fixturing, furniture, goods to be sold, landscaping, irrigation work, decorating expense, maintenance building expansion costs and club house construction costs.
(B) The fund will receive funds temporarily loaned from the Electric Cash Reserve Fund as set forth in Resolution 1999-2. The fund may also receive donated funds from private entities, appropriate transfers from other town departments, golf operations revenue and Golf Course Construction/Retainage account transfers as determined appropriate.
(C) The fund shall exist until such time that all start-up expenses have been satisfied and all loans repaid to the Electric Cash Reserve account as set forth in Resolution 1999-2. Upon finalization of the above details, the fund shall be closed by Council action.
(Ord. 1999-1, passed 2-8-99)