(A) This section authorizes the creation and use of a road improvement reserve for the sole purpose for collecting sufficient funds for the current and future costs associated with the improvement and major maintenance of town roads.
(B) This reserve is classified as a committed reserve.
(1) Objective. Set aside sufficient funds to improvement or to perform major repairs of town roads.
(2) Source of funds.
(a) Town Council by resolution or ordinance may deposit additional funds into this reserve.
(b) All earnings from investments of this reserve shall be redeposited back into this reserve.
(3) Authorized uses. Funds shall be used solely for the current and future costs associated with the improvement and major maintenance of town roads.
(4) Administration. This section authorizes the Town Clerk to deposit, withdraw and pay obligations that are in full compliance with this chapter.
(Prior Code, § 3.A06.033) (Ord. 2018-14, passed 10-24-2018)