(A) An account is established for the deposit of monies for the planning, organizing, and hosting of Hanover Fest.
(B) Said account shall be named the Hanover Fest Fund and all funds contained in said account shall be expended only for the limited and exclusive purpose of financing the planning, organizing, and hosting of Hanover Fest.
(C) The approval of the town shall be obtained prior to the expenditure of funds from said account.
(D) Said account shall be non-reverting and exist perpetually unless terminated by a subsequent ordinance enacted by the Town Council.
(E) If said account is terminated by a subsequent ordinance enacted by the Town Council, the remaining balance of the terminated account shall revert to the Hanover Park Donation Fund and its successors or assigns. If no successor to the Hanover Park Donation Fund exists, the remaining funds shall revert to the town’s Park Fund or the general budget of the Town Council.
(Ord. 2017-12, passed 7-20-2017)