(A) Creation of fund.
(1) There is hereby created a Tree Harbour Maintenance Fund.
(2) The fund shall be funded by Tree Harbour Enterprises, Inc.
(B) Purpose. The purpose of this fund shall be to provide funds to maintain or reconstruct the sewer line from Tree Harbour Enterprises, Inc. and along state right-of-way of State Road 120.
(C) Appropriation and payment. This fund shall be appropriated and spent in accordance with the general rules to which other funds of the town are subject. The fund will be controlled by the town.
(D) Investment. All amounts placed in the fund shall be invested and reinvested pursuant to the standard procedure followed by the town, and the fund shall not revert to the general fund at the end of the year.
(E) Interest payments. Interest on the fund shall be opened up with the tax I.D. number of Tree Harbour Enterprises, Inc. and/or any successor assigned homeowners association and all interest generated from the fund shall be paid yearly to the entity by the Town of Fremont, all taxes incurred shall be paid by Tree Harbour Enterprises, Inc. or its assigned homeowners association, required tax filings shall also be made by the entities.
(1996 Code, § 2-94)