(A) The purposes of the Rainy Day Fund are as follows:
(1) Necessary maintenance, repair and/or demolition of all structures located on real estate titled in the name of the town;
(2) Necessary maintenance and repair of sidewalks;
(3) Payment of debt service;
(4) Purchase, maintenance and repair of town equipment; and
(5) For other specific town purposes as determined by the Town Council.
(B) The funding for said Rainy Day Fund shall be any unused and any unencumbered balance in all funds raised by a general or special tax levy on all the taxable property of the town, with the unused and unencumbered balance remaining in said fund to be transferred to the Rainy Day Fund, in amount not more than 10% of the town’s annual budget for the fiscal year for which the transfer is made.
(Ord. 2004-9, passed 4-6-2004)