(A) Creation of Fund. There is hereby established a Riverside Gardens Park Donation Fund to receive transfers of money donated to the town for use in the development or maintenance or operation of the Riverside Gardens Park.
(B) Purposes of Fund. The funds on deposit in the Riverside Gardens Park Donation Fund may be used solely for the purposes of developing, maintaining, or operating the Riverside Gardens Park.
(C) Appropriations from Fund. Pursuant to Attorney General Official Opinion No. 68, and the State Board of Accounts, Accounting Manual, the Town Council may authorize the expenditure of funds from the Riverside Gardens Park Donation Fund for the purposes specified by the donor(s) without appropriation. However, accounts payable vouchers must be filed and approved in the regular legal manner before payments are made from this specific Fund.
(D) Separate accounts. If the volume of restricted donations is sufficient, the Clerk-Treasurer may create separate accounts for all restricted donations to account for receipt and distribution of each type of restricted donation. The total activities of the separate accounts (i.e., receipts, disbursements, and total balances) shall then be reflected on a control account.
(E) Nonreverting fund. Monies deposited in the Riverside Gardens Donation Fund shall not revert to other funds.
(Ord. 2004-05, passed 6-1-2004)