(A) The Park Donation Fund (the “Fund”) is hereby established, subject to the stipulations and provisions set forth in this section.
(B) The revenue paid into the Fund shall be restricted to funds received from donations.
(C) Expenditures from the Fund are restricted to expenses related to parks and park services for the town, and shall be payable only upon authorization of the Town Council.
(D) The Fund shall be perpetual and non-reverting at each respective year end and shall continue in existence until terminated by a subsequent ordinance.
(E) Upon termination of the Fund, any remaining balance of the Fund shall be disposed of by transfer or payment for purposes in harmony with the original donative intent of the donations made to the Fund, as determined in the discretion of the Town Council.
(Ord. 2017-001, passed 5-18-2017)