(A) A special fund is hereby created to be known as the Townwide Celebrations Fund of the Town of Kouts into which donations earmarked for this fund shall be deposited.
(B) The fund shall be a perpetual nonreverting cumulative fund and all monies deposited in the fund shall be used for any purpose associated with any townwide celebration subject to the approval of a majority of the Council Members.
(C) This fund shall continue and shall only terminate upon a new ordinance being passed and adopted terminating this fund.
(D) In the event this fund is terminated, any money in the fund shall be deposited into the town’s General Fund.
(Ord. 2010-4, passed 11-15-10)