The Town of Ellington does hereby authorize the creation of
a special fund to be known as the "Recreation Donation Special Revenue
Fund." The fund shall be used to further the Town's recreation
efforts, including, but not limited to, need-based financial assistance
to children involved in Ellington's recreation programming and
the purchase of supplies and equipment as needed for recreational
activities.
There shall be deposited into said fund all money received by
the Town of Ellington, from whatever source and by whatever means,
as contributions specifically designated for use in connection with
the Town's recreation efforts.
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 §
80-45 above. Except as otherwise specifically authorized in §
80-47 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.