(A) Creation. There is hereby established a fund to receive distribution of special taxes from the urban area of property owners located within the consolidated community.
(B) Purpose. The funds on deposit in the Lease Rental Fund may be used for the bond taken for redevelopment of Canal St. located in the town.
(C) Appropriations. The Town Council may authorize the expenditure of funds from the Lease Rental Fund by appropriations made in the same manner as other funds are appropriated upon making a finding that the proposed use of the funds is consistent with the intent of the fund.
(Ord. 771, passed 9-17-2018)