a. There is hereby established the “Town of Schererville Community Events Special Revenue Non-Reverting Fund”, which shall be a special revenue fund under the rules, regulations, and requirements of applicable Indiana law, including the Indiana Code, as amended from time to time, as well as the administrative rules and requirements of the Indiana State Board of Accounts.
b. Any monies or funds collected as donations from event participation and/or registration fees, as well as appropriations from designated Town Funds, shall be deposited into the “Town of Schererville Community Events Special Revenue Non-Reverting Fund”, as well as any and all of the monies that are specifically identified to be used in connection with said designated community event and activities. The “Town of Schererville Community Events Special Revenue Non-Reverting Fund” shall be funded initially by the Town of Schererville CEDIT/NR Fund in the amount of $50,000.00 for the purpose of initial costs, advertising, and related expenses for a qualified community event which shall utilize said funds.
c. The monies and funds deposited into the “Town of Schererville Community Events Special Revenue Non-Reverting Fund” shall be utilized and expended only to supplement and pay costs incurred in connection with planning, coordination and conduct/carrying out of the designated Town of Schererville community event for which the funds herein may be utilized, and all activities related thereto, and only as approved and authorized by the Town Council. The Town Council shall have the exclusive authority for the approved use of the funds in the “Town of Schererville Community Events Special Revenue Non-Reverting Fund”, as well as for the designation of a community event qualifying for use of same.
d. The Clerk-Treasurer of the Town is hereby authorized and directed to take all appropriate and required legal actions to establish said “Town of Schererville Community Events Special Revenue Non-Reverting Fund”, in conformance and compliance with all applicable law, as amended from time to time.
e. The “Town of Schererville Community Events Special Revenue Non-Reverting Fund” shall be established and shall exist as long as community events exist for which funds in said “Town of Schererville Community Events Special Revenue Non-Reverting Fund” are utilized. It is contemplated that specific and designated community events will be identified and approved annually by the Town Council whereby funds in the “Town of Schererville Community Events Special Revenue Non-Reverting Fund” will be available to be utilized, and will, with approval of the Town Council, be utilized.
(Ord. No. 1886, §§ 1-5, 7-13-16)