(A) A new non-reverting fund to be known as “the Community Crossing Matching Grant Fund” and given fund number 258 is now established. The Fund shall receive monies from the Community Crossing Local Road and Bridge Matching Grant Fund through the state’s Department of Transportation as well as local match funds transferred from the state’s LOIT Special Distribution Fund earmarked for local road improvements and from the Rainy Day Restricted Motor Vehicle Highway Fund, Rainy Day Restricted Local Road, and Street Fund of the town all earmarked for local road improvements.
(B) Expenditures of the Community Crossing Matching Grant Fund shall be used for the purposes of engineering, land acquisition, construction, resurfacing, maintenance, restoration, or rehabilitation of the local road and street system.
(C) The Community Crossing Matching Grant Fund shall expire when repealed by ordinance.
(D) Upon termination of the Community Crossing Match Fund, any remaining cash balance shall be transferred to the town’s Local Road and Street Fund with all said transfer being set aside for the sole purpose of resurfacing.
(Ord. 2016-18, passed 12-27-2016)