(A) Fund. There is hereby established the town’s Riverside Gardens Improvement Project Construction Fund (“the Fund”). This is a nonreverting, capital projects fund.
(B) Revenue sources for the Fund. The surplus loan proceeds from the iAB lam ($330,000) shall be the revenue source for the Fund. In addition, any matching grant funds from the federal or state government relating to the park development, and any donations made to the town for the park’s improvement may be put into the Fund.
(C) Authorizing expenditures.
(1) The Town Council hereby appropriates the revenue in the Fund for use in completing the Riverside Gardens Improvement Project including payment of all design, engineering, surveying, testing, and construction costs on the project. Any excess loan proceeds remaining in the Fund following completion of the Riverside Gardens Improvement Project shall be used to repay accrued interest and outstanding principal on the iAB loan.
(2) The first $330,000 unrestricted donations for the park that are deposited into the Fund (i.e., donations that are not restricted by the donor for another specific use in the park) shall be first applied to repaying accrued interest and outstanding principal on the iAB loan before being used for any other park project.
(3) The Council appropriates any excess money in the Fund, following completion of the Riverside Gardens Improvement Project and repayment in full of all accrued interest and principal of the iAB loan, for use in maintaining the Riverside Garden’s Park or for payment of other capital projects on the park.
(Ord. 2013-4, passed 7-9-2013)