a. There is established a Deposits Non-Reverting Escrow Fund for the Town which shall be commonly known as the Deposits Escrow Fund. The established Deposits Escrow Fund shall be used as a holding fund for all miscellaneous short-term deposits made to the Town including, but not limited to, park program deposits, refundable park reservation deposits, special use temporary water meter deposits, and any and all other similar such deposits made to the town as determined by the Town Clerk-Treasurer shall be deposited into said fund.
b. All funds deposited into the Deposits Escrow Fund shall be retained and held in said fund until such time as said temporary deposits are to be returned in full or in part to the depositor, or to a specific Town department to which payment is to be made for programs provided to the depositor, or as payment of damages and/or clean up of town property following the use of town property by said depositor. The release of any temporary deposits held and maintained in the Deposits Escrow Fund shall be released and/or paid upon written verification from the department head of the town department affected and involved in the deposit made. The Town Clerk-Treasurer shall determine the appropriate form of written documentation required for distribution of said funds.
c. The Deposits Escrow Fund shall further be required to be held, maintained and managed in conformance with the applicable requirements of the Indiana State Board of Accounts, and all regulations and requirements of said entity as the same may be amended from time to time.
(Ord. No. 1580 §§ 1-3, 4-9-03)