[Adopted 3-3-2014 STM]
An Economic Development Investment Fund is hereby established and shall be governed by the following conditions:
General conditions governing use of the Economic Development Trust Fund.
Said Trust shall be expended by the Town to enhance, encourage and promote economic development in the Town of Putnam. Uses may include, but shall not be limited to: marketing activities, infrastructure improvements in areas designated for development, contractual services, materials, and supplies and equipment, including professional services needed for development projects, and purchase of land for the development of industry and business in Town.
Said Trust may use as its revenue source any of the following: donations from organizations, associations, businesses, or private individuals; proceeds from business advertising; interest income earned by the Trust; and contributions from other Town funds as may be authorized by Town Meeting. The Economic Development Commission may elect to reject a donation offered to the Trust if it determines said donation not be in the best interest of the Town.
The Trust shall be in the custody of the Finance Director of the Town of Putnam; and all or any part of the moneys in said Trust may, from time to time, be invested in any securities in which public funds may be invested. All income derived from such investments shall be paid into the Trust and become a part thereof. The moneys so invested shall at all times be subject to withdrawal from such investment for use as allowed.
Both principal and interest may be expended for the purposes specified in this article for said Trust.
The trust fund will be allowed to increase up to the amount $750,000. Thereafter, any funds under this article shall revert to the general fund of the Town unless specifically designated otherwise by the source of the funds.
All disbursements from the Trust under $5,000 shall be authorized by the Economic Development Commission. Any expenditures in excess of $5,000 shall be approved by the Economic Development Commission and the Board of Finance. An annual report shall be provided to the Board of Selectmen and Board of Finance following the close of the fiscal year.
In furtherance of the objectives of this Trust, the Economic Development Commission and the Director of Economic and Community Development are charged with the responsibility for promoting the Trust in the community at large and preparation of a budget for use of the funds in accordance with the purposes specified herein and subject to approval of the overall Commission budget at Town Meeting. Expenditures in excess of $5,000 per item require approval by the Board of Finance as herein provided.
Appropriations and expenditures.
Any municipal funds designated to the trust fund shall be subject to the normal appropriation process.
Any expenditure of municipal funds in excess of the approved annual budget shall be subject to the normal appropriation process.
No funds committed to the trust fund shall be expended without the approval of the Economic Development Commission.