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(A) The City Council authorizes the establishment of the Parade Fund. The Parade Fund shall receive all donations, revenues and receipts intended for such fund and purpose. The Parade Fund is a restricted fund to be used only for expenditures related to the City's July 4 parade as its established purpose. Balances in the Parade Fund do not revert to the General Fund at year end.
(B) Any donations for the Fourth of July parade shall be placed in the Parade Fund.
(C) Income from investments of restricted donations to the Parade Fund shall be receipted into the Parade Fund.
(D) At such time as the Parade Fund becomes dormant or it is determined that such fund is no longer needed for its intended purpose, then the remaining balance of the Parade Fund shall be disbursed in accordance with the recommendation of the Clerk-Treasurer.
(Res. R-20-20, passed 8-4-2020)