[Adopted 1-22-2013]
A.
The Town of Wethersfield shall hereby establish a Capital and Nonrecurring
Expenses Trust Fund (the "Trust").
B.
There shall be deposited in said Trust:
(1)
All monies received by the Town of Wethersfield as a contribution
from Wethersfield, LLC, in connection with the sale of the property
at 176 Cumberland Avenue on August 20, 2012.
(2)
All additional monies received by the Town of Wethersfield, from
whatever source and by whatever means, including but not limited to
grants, loans and gifts provided to said Trust.
(3)
Any funds from any source designated by the Town of Wethersfield
to be added to this Trust.
The Trust shall be in the custody of the Treasurer of the Town of Wethersfield. All or any part of the monies in the Trust may, from time to time, be invested in any investment in which public trust funds may be lawfully invested. All incomes derived from such investments shall be credited to the Trust and become a part thereof. The monies so invested shall at all times be subject to withdrawal from such investments for use as provided in § 14-24 below.
A.
Upon authorization of the Town Council, the monies in the Trust which
would be considered interest earnings may be used by the Town for
the exclusive purpose of funding capital improvements and nonrecurring
expenses in the Town of Wethersfield.
B.
Upon authorization by an affirmative vote of no less than seven members
of the Town Council, the monies in the Trust which would be considered
principal, gifts, grants or other noninterest earnings may be used
by the Town for the exclusive purpose of funding capital improvements
and nonrecurring expenses in the Town of Wethersfield.
Annually, the Treasurer, as custodian of the Trust, shall submit
to the Council a complete and detailed report of the financial condition
of said Trust, which report shall be made part of the Annual Municipal
Report.
