There is hereby established the Town Unrestricted Donations Fund (the Fund).
(A) The Clerk-Treasurer is directed to deposit into such fund all unrestricted donations received by the town.
(B) The Town Council shall approve the expenditure of all such deposited unrestricted donations, which expenditures shall be for the following purposes:
(1) Economic development projects;
(2) Town beautification;
(3) Local matches toward grants on capital improvement projects;
(4) Capital improvement projects; or
(5) As determined by the Town Council.
(C) The “Nursing Home Property” and the “Lutheran Home Property”, as those terms are described in Ordinance 2010-09, and any proceeds therefrom, shall be deposited into the Unrestricted Donation Fund.
(D) This section shall be in full force and effect retroactive to the date any donations received by the town, or any proceeds therefrom, were acquired.
(Ord. 2010-09, passed 9-21-2010; Ord. 2013-1217A, passed 12- -2013)