(A) Creation of fund. The town hereby creates and establishes a fund to be known as the “Nature Preserve Fund.”
(B) Purpose of fund. The primary purpose of the Nature Preserve Fund is to receive and hold funds for the primary purpose of using such funds to operate the nature preserve and other approved public purposes and accurately track and account for the costs of future development and operation of the nature preserve and other public uses.
(C) Responsibility for fund. The Clerk Treasurer shall be responsible for all deposits into and disbursements out of the Nature Preserve Fund and shall keep records as to the disbursements, reimbursements, and current balance in such fund at all times.
(D) Deposit of funds. Upon receipt of interest earned from the town's tax increment financing districts and other rental and lease revenue generated by the nature preserve, the Clerk Treasurer shall immediately deposit all receipts into the Nature Preserve Fund.
(E) Disbursement of funds. The Clerk Treasurer is directed to only disburse funds from the Nature Preserve Fund created hereunder upon receipt of a claim allowed and approved by the Town Council.
(F) Limitations on the use of funds. The funds placed in the Nature Preserve Fund may not be withdrawn except for the purposes for which the Nature Preserve Fund was created.
(Ord. 08-2019, passed 4-22-2019)