(A) There hereby is established a separate, non-reverting fund of the town to be known as the Special Deposit Fund, into which shall be deposited the money collected, received or held by the town on a temporary or conditional basis only.
(B) Money which may be deposited in the Special Deposit Fund includes:
(1) Cash bonds or security deposits.
(2) Any conditional license or permit application fees (or portion thereof) which would be subject to refund if the license or permit is not granted.
(3) Any money collected by the town as agent for another governmental entity or other person, and required by law, ordinance or contractual agreement to be paid over to the other entity or person.
(4) Any money collected or received and held by the town as trustee for the benefit of and eventual payment over to another person;
(5) Any money (or portion thereof) believed to have been erroneously collected or received and eventually requiring refund or transfer to another entity or person.
(C) The Clerk-Treasurer may draw warrants on and make payments from the Special Deposit Fund to persons to whom the money is lawfully and properly owing without appropriation and without prior allowance of a claim.
(1) The Clerk-Treasurer may invest money on deposit in the Special Deposit Fund in the same manner as prescribed for investment of other town money.
(2) In the event any money deposited in the Special Deposit Fund become subject, for any reason, to absolute possession by the town, the Clerk-Treasurer shall transfer that money to the General Fund or to another fund to which that money would properly have accrued had it been subject to absolute possession by the town in the first instance and the Clerk-Treasurer may make the transfer without any further authorization.
('85 Code, § 2-7-3) (Ord. 1985-C10, passed 9-16-85)