(A) (1) There is hereby established on the books of the town, a trust fund to be known as the Revenue-Sharing Trust Fund.
(2) The Trust Fund shall remain available without fiscal year limitation, and shall consist of such amounts as may be appropriated to it and deposited in it from funds made available to the town by the United States Treasury pursuant to the Local Government Fiscal Assistance Fund, 31 U.S.C. §§ 6701 through 6720.
(B) All money disbursed from the Trust Fund shall be disbursed through a special checking account established for the Trust Fund in an official depository of the town.
(C) The Town Clerk is authorized to invest and reinvest all or any portion of the money in the Trust Fund in deposits and securities eligible for investment of local funds under state law until such time as the money is actually needed.
(1991 Code, § 35.01) (Ord. passed 12-20-1972)
Editor’s note:
The Federal Revenue Sharing Program upon which this Trust Fund is based, is currently not in operation.