(A) The Clerk-Treasurer is directed to proceed forthwith, if he or she has not already done so, to open a separate bank account for the town municipal sewage works, to be designated the Capital Improvement Account, which account shall be a sweep account and into which account shall be deposited all funds received pursuant to sewer development agreements with prospective developers, with the further provision that the funds be used solely for costs associated with expanding the sewer treatment facilities.
(B) Any action taken by the Clerk-Treasurer prior to the effective date of this section to accomplish the establishment of the aforementioned account is hereby ratified and approved by the Town Council.
(Ord. 120500, passed 12-5-2000)