(A) Establishment of Fund. There is hereby established for the town a Sidewalk Improvement Fund.
(B) Purpose of the fund. The Sidewalk Improvement Fund of the town will be used to construct, reconstruct, improve, repair, maintain or otherwise enhance public sidewalks and associated pedestrian facilities under the jurisdiction of the town.
(C) Appropriations. The Sidewalk Improvement Fund of the town is subject to the same appropriation process as other funds received and deposited by the town.
(D) Source of funds. The Sidewalk Improvement Fund of the town shall have as its source of funds donations, payments or other contributions for the construction, reconstruction, improvement, repair, maintenance or other enhancement of public sidewalks and associated pedestrian facilities in the town.
(E) Non-reverting fund. The Sidewalk Improvement Fund of the town shall be a non-reverting fund with all unused monies in said fund at the end of each fiscal year remaining in the Sidewalk Improvement Fund. In addition, any interest earned on the monies in the Sidewalk Improvement Fund shall remain in and be credited to the Sidewalk Improvement Fund.
(F) Amendment or termination. This section may be amended or terminated by the Town Council upon the adoption of an amending or repealing ordinance. Until such time, this section shall remain in full force and effect.
(Ord. 535, passed 11-7-2011)