(A) The town hereby creates and establishes a specific fund to be known as the “Capital Leased Equipment Fund” into which all monies in the form of lease or loan proceeds, reimbursements of costs for equipment leases and payments on behalf of other funds, departments or agencies of the town shall be deposited.
(B) The primary purpose of the Capital Leased Equipment Fund is to track and account for the costs of leased equipment for the town.
(C) The Clerk-Treasurer shall be responsible for the deposits and disbursements of the Capital Leased Equipment Fund and shall keep records as to the disbursements, reimbursements, and current balance in such fund at all times.
(D) The Clerk-Treasurer is directed to only disburse funds from the Capital Leased Equipment Fund created hereunder upon a receipt of a claim allowed and signed by the Clerk-Treasurer's Office in accordance with the town's purchasing policy.
(E) Any funds placed in the Capital Leased Equipment Fund may not be withdrawn except for the purposes for which such fund was created.
(Ord. 27-2018, passed 8-27-2018)