There is hereby ordained the establishment of a nonreverting fund to be entitled as the Building Repair Fund, which will be subject to the following terms and conditions:
(A) Proceeds received by the town from the sale or disposition of town property shall be deposited into the fund.
(B) Additional monies received from any other source may be deposited into the fund.
(C) Monies accumulated in this fund may be used only for the purchase of materials or repairs to Town Hall.
(D) Monies remaining in this fund at the end of each fiscal year shall not revert to the general fund.
(E) In the event the Town Council should by ordinance terminate this fund, all monies remaining in this fund shall automatically revert to the general fund of the town.
(Ord. 051706A, passed 5-17-2006)