(A) Fund establishment. There is hereby established a separate and distinct fund to be named and identified as the Covid CARES Fund with Fund Number 264 (hereinafter referred to as the fund).
(B) Fiscal administration. The Rising Sun Clerk-Treasurer shall serve as the custodian and as the auditing agent for the Fund and is hereby authorized to oversee the administration of the Fund.
(C) Receipts. Monies deposited to the Fund are intended to be limited to coronavirus relief funds received by the city under the 2020 CARES Act.
(D) Expenditures. Expenditures from the Fund are not subject to appropriation pursuant to I.C. 10-14-3-17 and SBOA Memorandum dated April 29, 2020 since the Fund is being created to address federal grant funding for a declared national and state emergency and the Fund as such has a narrow and limited purpose. The expenditures from the Fund will be subject to the approval of the City Council and the city. All expenditures are intended to be reimbursed by the 2020 CARES Act.
(E) Non-reverting fund. Any and all monies in the Fund at the end of the calendar year shall not revert to another fund but shall remain in the Fund as a separate non-reverting fund.
(Ord. 2020-14, passed 11-5-20)