(A) A non-reverting fund to be known as the OCRA Construction - Grant Fund is hereby established. Expenditures from the OCRA Construction - Grant Fund are restricted to expenses related to the Water Improvements Project. The OCRA Construction - Grant Fund shall be perpetual and non- reverting at each respective year end and shall continue in existence until terminated by a subsequent resolution.
(B) The $700,000 of grant funds received or to be received from the OCRA Grant are hereby authorized to be deposited or transferred into the OCRA Construction - Grant Fund.
(C) A non-reverting fund to be known as the OCRA Construction - Matching Fund is hereby established. Expenditures from the OCRA Construction - Matching Fund are restricted to expenses related to the Water Improvements Project. The OCRA Construction - Matching Fund shall be perpetual and non-reverting at each respective year end and shall continue in existence until terminated by a subsequent resolution.
(D) The following funds are hereby committed for the town’s matching funds and shall be transferred to the OCRA Construction - Matching Fund for use in funding the Water Improvements Project: $265,000 from the loan funds previously received and deposited into the town’s General Fund; $71,667 from the Water Utility Depreciation Fund; and $71,667 from the Sewage Utility Improvement Fund.
(Res. 2018-005, passed 12-20-2018)