(A) Creation of Fund. There is hereby created the Sheridan Donation Fund (“Fund”) which shall be maintained as a separate account within the office of the Clerk-Treasurer of the town. The Fund shall be used for the sole purpose of the health, safety and welfare of the town.
(B) Donations to Fund. The town may accept any type of gift, devise or bequest of money or property; provided, however, any donation containing restrictions on its use will not be accepted by the town unless reviewed and accepted by the Town Council. The Town Council may refuse to accept any gift, devise or bequest. The town may place in the Fund such town resources as the Town Council deems advisable.
(C) Investment of Fund. The Clerk-Treasurer may invest money on deposit in the Fund in the same manner as prescribed for investment of other town money.
(D) Distributions from Fund. Distributions from the Fund must be approved by the Town Council at a properly noticed public meeting.
(E) Termination of Fund. The Town Council may terminate the Fund at a properly noticed public meeting and direct the Clerk-Treasurer to transfer any money remaining in the Fund to the General Fund and the Clerk-Treasurer may make the transfer without any further authorization.
(Ord. 2012-3-1, passed 4-12-12)