(A) There is hereby established a special fund to be entitled Service Project Fund. The Clerk-Treasurer of the town is hereby empowered to receive and deposit monies to deposit in the Service Project Fund as directed by the Town Council or that meet the intended purpose of said fund, said deposits to be placed with a financial institution named by the town as a depository.
(B) The purpose of the Service Project Fund is to receive monies from other sources that are to be used by the town, wherein they are received with a specific and designated purpose at the time of receipt. Funds may be received from various sources, including but not limited to the Wayne County Economic Development Corporation, and may be used for various purposes as designated by the Town Council.
(C) The Service Project Fund may be used to hold any funds contributed or obtained for a specific and designated purpose until said funds are expended for said purpose.
(D) The handling of any funds contributed or deposited to the Service Project Fund shall be in compliance with the practices, rules, and standards set forth by the Indiana State Board of Accounts.
(E) The Clerk-Treasurer is hereby empowered to disburse amounts from the Service Project Fund to persons or agencies from whom services, equipment, or products are purchased, upon proper presentation of a claim before the Town Council and acceptance thereof, and within the rules of the Indiana State Board of Accounts.
(Ord. 9-2009, passed 6-1-2009)