[Adopted 3-3-2014 STM]
An Economic Development Investment Fund is hereby established
and shall be governed by the following conditions:
A.
General conditions governing use of the Economic Development Trust
Fund.
(1)
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.
(2)
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.
(3)
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.
(4)
Both principal and interest may be expended for the purposes specified
in this article for said Trust.
(5)
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.
(6)
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.
B.
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.
C.
Appropriations and expenditures.
(1)
Any municipal funds designated to the trust fund shall be subject
to the normal appropriation process.
(2)
Any expenditure of municipal funds in excess of the approved annual
budget shall be subject to the normal appropriation process.
(3)
No funds committed to the trust fund shall be expended without the
approval of the Economic Development Commission.
