(A) There is hereby established a Rainy Day Fund for the deposit of:
(1) Unused and unencumbered funds;
(2) Supplemental distribution of CAGIT, COIT, and CEDIT; and
(3) Rental proceeds from the town’s storage units - “Five Star Storage.”
(B) The Rainy Day Fund may only be expended as determined by the Town Council for the following purpose: emergency needs of the town.
(C) All expenditures from the Rainy Day Fund shall be processed, appropriated, claimed, and allowed in the same manner as other claims of the town.
(Ord. 2007-06, passed 7-5-07; Am. Ord. 2015-11, passed 5-14-15)