(A) There is hereby established an ARP Coronavirus Local Fiscal Recovery Fund. Said fund shall be created as Fund 199. It shall be a non-reverting fund.
(B) The town hereby directs that all funds received from the American Rescue Plan funds shall be placed into said fund and kept separate from other funds of the town.
(C) The Town Council is working to prepare and implement a plan to establish conditions and rules upon which the funds are to be requested and used.
(D) The purpose of the funds is to be used for only the following reasons as set forth in Section 603(c) of the ARP in accordance with the U.S. Treasury guidance:
(1) To respond to the public health emergency with respect to the Coronavirus Disease 2019 (COVID-19) or its negative economic impacts, including assistance to households, small businesses, and nonprofits, or aid to impacted industries such as tourism, travel, and hospitality;
(2) To respond to workers performing essential work during the COVID-19 public health emergency by providing premium pay to eligible workers of the metropolitan city, non-entitlement unit of local government, or county that are performing such essential work, or by providing grants to eligible employers that have eligible workers who perform essential work;
(3) For the provision of government services to the extent of the reduction in revenue of such metropolitan city, non-entitlement unit of local government, or county due to the COVID-19 public health emergency relative to revenues collected in the most recent full fiscal year of the metropolitan city, non-entitlement unit of local government, or county prior to the emergency; or
(4) To make necessary investments in water, sewer, or broadband infrastructure.
(E) No monies other than those received from the American Rescue Plan shall be deposited into Fund 199, Georgetown ARP Coronavirus Local Fiscal Recovery Fund.
(F) The funds shall be appropriated, and approved for expenditure, by the Town Council before use.
(G) Any unused funds shall be paid back to the United State Treasury when required.
(H) The Clerk-Treasurer shall keep accurate and complete financial records of the receipt and expenditure of any and all funds deposited and paid from this fund. In addition, the Clerk-Treasurer follow any and all guidance and rules implemented by the State Board of Accounts regarding this fund.
(Ord. G-21-08, passed 8-16-2021)