(A) The revenue paid into the Insurance Proceeds Fund shall be restricted to funds received from insurance claims.
(B) Expenditures from the Insurance Proceeds Fund are restricted to expenses related to insurance claims and/or remedying damages suffered by the town, or payment for other purposes as determined in the discretion of the Town Council, and shall be payable only upon authorization of the Town Council.
(C) The Insurance Proceeds Fund shall be perpetual and non-reverting at each respective year end and shall continue in existence until terminated by a subsequent ordinance.
(D) Upon termination of the Insurance Proceeds Fund, any remaining balance of the Insurance Proceeds Fund shall be disposed of by transfer or payment for purposes as determined in the discretion of the Town Council.
(Ord. 2015-06, passed 9-14-15)