(A) Creation of Fund. Pursuant to I.C. 36-10-3-22, the town hereby creates and establishes a specific fund to be known as the Bicentennial Park Special Non-Reverting Construction Fund, into which all monies and proceeds in the form of donations to the Bicentennial Park Special Non-Reverting Construction Fund, shall be deposited.
(B) Purpose of Fund. The primary purpose of the Bicentennial Park Special Non-Reverting Construction Fund is to allow for donations to be used for the creation and construction of a Bicentennial Park, within the Parks and Recreation Department.
(C) Responsibility for Fund. The Clerk-Treasurer shall be responsible for receiving all funds to be deposited in such Fund and shall at all times keep records as to the amounts received, the manner of their receipt, any disbursements and a current balance in such Fund.
(D) Deposit of funds. Upon receipt the Clerk-Treasurer shall immediately deposit all donations into the Parks and Recreation Department Bicentennial Park Special Non-Reverting Construction Fund.
(E) Disbursement of funds. The Clerk-Treasurer is directed to only disburse funds from the Bicentennial Park Special Non-Reverting Construction Fund created hereunder as directed by the Town Council, in the form of an approved budget adopted in a fashion consistent with the budget process in place at the time of the appropriation request.
(F) Limitations on the use of funds. Any funds placed in the Bicentennial Park Special Non-Reverting Construction Fund may not be withdrawn except for the purpose for which the Fund was created.
(Ord. 21-2016, passed 9-22-2016)