(A) Creation of district. The town hereby creates a Hospitality District in the area set forth and described on Exhibit A attached to Ord. 24-2019 and made a part hereof by reference.
(B) Creation of fund. The town hereby creates and establishes a fund to be known as the “Hospitality District Fund.”
(C) Purpose of fund. The primary purpose of the Hospitality District Fund is to receive and hold funds for the primary purpose of using such funds to study, design, and make improvements to the Hospitality District and other approved public purposes and to accurately track and account for the costs of future improvements and development of the Hospitality District and other approved public uses.
(D) Responsibility for fund. The Clerk Treasurer shall be responsible for all deposits into and, subject to Town Council approval, disbursements out of the Hospitality District Fund and shall keep records as to the disbursements, reimbursements, and current balance in such fund at all times.
(E) Deposit of funds. Upon receipt of taxpayer payments and monies from any other source approved for deposit by the Town Council in the Hospitality District Fund, the Clerk Treasurer shall immediately deposit all receipts into the Hospitality District Fund.
(F) Disbursement of funds. The Clerk Treasurer is directed to only disburse funds from the Hospitality District Fund created hereunder upon receipt of a claim filed and approved by the Town Council.
(G) Limitations on the use of funds. The funds placed in the Hospitality District Fund may not be withdrawn except for the purposes for which the Hospitality District Fund was created.
(Ord. 24-2019, passed 10-28-2019)