(A) Nonreverting trust fund. There is hereby created a nonreverting trust fund, entitled the Waterworks Proceeds Trust Fund. The moneys deposited in the Waterworks Proceeds Trust Fund shall not be commingled with, nor shall they be a part of the general funds of the town. The Waterworks Proceeds Trust Fund shall be a nonreverting fund used solely for the purposes described in this section.
(B) Deposit of waterworks proceeds. The Clerk-Treasurer shall deposit the waterworks proceeds into the Waterworks Proceeds Trust Fund upon receipt of the proceeds from the company.
(C) Use of funds. The funds deposited to the Waterworks Proceeds Trust Fund may be used for any capital cost or expense for the benefit of the town, including but not limited to equipment, machinery, police cars, trucks, economic development projects, and other similar or such other purposes as approved by the Town Council. The funds shall not be moved, spent or allocated without the approval of a majority of the Town Council.
(D) Appropriation. Funds on deposit in the Waterworks Proceeds Trust Fund shall be appropriated as provided by statute.
(E) Investment restrictions. The funds deposited to the Waterworks Proceeds Trust Fund may be invested in accordance with I.C. 5-13 et seq.
(F) Investment income. Investment income shall be deposited to the Waterworks Proceeds Trust Fund unless otherwise directed by the Town Council.
(G) No reversion of moneys to the general fund. There shall be no reversions of the Waterworks Proceeds Trust Fund or any moneys placed into the Waterworks Proceeds Trust Fund to the general fund of the town. Except as provided in this section, waterworks proceeds may accumulate in the Waterworks Proceeds Trust Fund.
(Ord. G-17-3, passed 10-16-2017)