(A) There is hereby established the 4601 - Newburgh Rivertown Trail 5K Fund (the "5K Fund") for purposes of receipt of funds to be used for the race and for the race purpose.
(B) The Clerk-Treasurer is hereby authorized to open a separate bank account at an approved financial institution for the purpose of receipt of funds and expenditures related to the race and for the race purpose (the "5K Bank Account").
(C) Funds received in connection with the race shall be considered donations and shall be deposited into the 5K Bank Account and allocated to the 5K Fund.
(D) Funds held in the 5K Fund and 5K Account shall be used to pay expenditures related to administration of the race, at the direction of the Rivertown Trail 5K Committee or the Town Manager, or for the race purpose, at the direction of the Town Manager with approval of the Town Council.
(Res. 2023-08, passed 8-30-2023)