(A) Creation of Fund. Pursuant to I.C. 36-10-3-22; the town hereby creates and establishes a specific non-reverting fund to be known as the, 2012 Storm Damage Repair Fund, into which all monies and proceeds in the form of proceeds from insurance claims shall be deposited.
(B) Purpose of Fund. The primary purpose of the 2012 Storm Damage Repair Fund is to allow for repairs to buildings, roofs, air conditioning units and other outdoor structures as listed in the attached Exhibit A, which is incorporated by reference in this division (B).
(C) Responsibility for Fund. The Town Clerk-Treasurer shall be responsible for receiving all funds to be deposited in such account and shall keep records as to the amounts received, the manner of their receipt, any disbursements and a current balance in such Fund at all times.
(D) Deposit of funds. Upon receipt of any insurance claim proceeds, the Town Clerk-Treasurer shall immediately deposit into the 2012 Storm Damage Repair Fund.
(E) Disbursement of funds. The Town Clerk-Treasurer is directed to only disburse funds from 2012 Storm Damage Repair created hereunder upon receipt of a claim allowed and signed as outlined in the town’s purchasing policy by the Clerk-Treasurer’s office.
(F) Limitations on the use of funds. Any funds placed in the 2012 Storm Damage Repair Fund may not be withdrawn except for the purposes for which the Fund was created. This Fund shall be considered as a non-reverting fund and all proceeds are hereby considered to be separate and exclusive from any other funds supported by taxpayer dollars.
(Ord. 24-2013, passed 9-9-2013)