The Town of Ellington does hereby authorize the creation of
a special fund to be known as the "American Rescue Plan Act Special
Revenue Fund." The fund shall be used to address the economic impacts
experienced by the Town of Ellington in connection with the COVID-19
crisis and to further capital improvement and infrastructure projects,
all in a manner that is consistent with the purpose of the American
Rescue Plan Act of 2021. All expenditures must be consistent with
the final guidance promulgated by the United States Treasury Department
and the State of Connecticut.
There shall be deposited into said fund all money received by
the Town of Ellington from the federal government pursuant to the
American Rescue Plan Act of 2021, excepting only those funds that
by law shall be awarded directly to the Ellington Board of Education.
Fund contributions may be invested, as deemed appropriate by
the Ellington Finance Officer, in a) certificates of deposit with
either national or state banks located in the Town or any other Connecticut
town, b) cash deposits with mutual savings banks located in the Town
or any other Connecticut town, or c) securities in which public funds
may lawfully be invested. All income derived from such investments
shall be paid into the fund and become a part thereof.
The fund shall be in the custody of the Ellington Finance Officer and shall not become a part of the Town's general fund. The fund shall not be reduced or used for purposes other than those specifically provided in §
80-35 above. Except as otherwise specifically authorized in §
80-37 above, all fund contributions shall be deposited in an account wherein the fund's income shall accumulate until such time as expenditures from the fund are authorized by the Board of Selectmen. The fund may be commingled, in the discretion of the Ellington Finance Officer, to maximize income and minimize management costs, provided that the fund shall always be accounted for as a separate fund.