(A) Creation of Fund 801 Maintenance and Performance Bond Fund. There is hereby established a "Maintenance and Performance Bond Fund" to receive distributions from individuals or businesses required to post a bond.
(B) Sources of Fund. Fund sources may include performance, maintenance, surety, or other such bonds and related interest earnings (if applicable).
(C) Purposes of the Fund. Expenditures from this Fund are restricted to payments of performance, maintenance, surety, or other such bonds and related interest earnings (if applicable); or transfer to the respective fund the bond is intended to cover if terms of performance bond are not met (e.g., if the bond is to cover water infrastructure, the funds would be transferred to the Water Operating Fund).
(D) Appropriations. The Town Council of the Town of Edinburgh may authorize the expenditure of funds from the Maintenance and Performance Bond Fund by appropriations made in the same manner as other funds upon making a finding that the proposed use of the funds is consistent with the intent of the Fund.
(Ord. 2021-12, passed 6-28-21)