(A) The Clerk-Treasurer shall create and maintain a fund for the undertaking of economic and community development activities, and said fund shall be entitled the Economic Development Fund.
(B) The monies deposited in the Fund created under division (A) above shall not revert to the General Fund from time to time, but rather shall be nonreverting and continue perpetually until further order of the Town Council.
(C) The purpose of this Fund shall be for the payment of fees related to the development and administration of said grant program and program income, and the undertaking of economic and community development activities consistent with Title I of the Housing and Community Development Act of 1974, being 42 U.S.C. §§ 5301 et seq., as amended, and the policies and priorities of the Osgood-Batesville Memorandum of Understanding.
(D) The Town Council shall be vested with the responsibility and discretion of authorizing and approving claims for expenditures from this Fund in accordance with applicable law.
(Res. 1, 1986, passed 8-19-1986)