(A) Creation of fund. The town hereby creates and establishes a specific fund to be known as the “ARP Coronavirus Local Fiscal Recovery Fund.”
(B) Purpose of fund. The primary purpose of the ARP Coronavirus Local Fiscal Recovery Fund is to track monies allocated to the town from the American Rescue Plan Act of 2021 (ARPA) and to ensure the uses of the Fund are consistent with the purposes outlined in Section 603(c) of the ARPA and to insure that the use of the funds is consistent with the plan adopted by the town.
(C) Responsibility for fund. The Clerk Treasurer shall be responsible for the deposits into and disbursements out of the ARP Coronavirus Local Fiscal Recovery Fund and shall keep records as to the receipts, disbursements, and current balance in such Fund at all times.
(D) Deposit of funds. Upon receipt of monies allocated to the town from the American Rescue Plan Act of 2021, the Clerk Treasurer shall immediately deposit all receipts into the ARP Coronavirus Local Fiscal Recovery Fund.
(E) Disbursement of funds. The Clerk Treasurer is directed to only disburse funds from the ARP Coronavirus Local Fiscal Recovery Fund created hereunder upon a receipt of a claim approved by the Town Council and as outlined in Section 603(c) of the ARPA.
(F) Limitations on the use of funds. Any funds placed in the ARP Coronavirus Local Fiscal Recovery Fund may not be withdrawn except for the purposes for which the Fund was created.
(Ord. 12-2021, passed 5-26-2021)