[Adopted 7-12-2021 by Town Meeting, effective 9-2-2021]
The Town of Ellington does hereby authorize the creation of a special fund to be known as the "Hall Memorial Library Special Revenue Fund." The fund shall be used for the operation and administration of the Hall Memorial Library.
A. 
There shall be deposited in said fund:
(1) 
All moneys received by the Town of Ellington, from whatever source and by whatever means, and specifically designated for use in connection with the Hall Memorial Library; and
(2) 
Any moneys appropriated by the Town of Ellington, in its discretion, for the operation and administration of the Hall Memorial Library.
B. 
The Town of Ellington and the Library Board of Trustees gratefully recognize the generous contribution made to this fund by the late Nicholas J. DiCorleto, Jr.
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 § 80-30 above. Except as otherwise specifically authorized in § 80-32 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 Hall Memorial Library Board of Trustees. 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.
A. 
The Hall Memorial Library Board of Trustees shall control the fund and shall, when it deems the situation appropriate, approve expenditures for the purposes contained in § 80-30 above.
B. 
The fund may be liquidated only by a decision of the Hall Memorial Library Board of Trustees after consultation with the Board of Selectmen, the Ellington Finance Officer and the Town Attorney.