There is hereby created and established a separate fund to be known as the "sewer reserve fund." The purpose of the fund is to provide financial administration and accounting control of monies deposited or transferred into the fund to be used for the future repair, improvements, extension and/or operation of the municipal sewer system.
(Ord. 678 § 1, 2014)
The town clerk-treasurer and/or his/her designated representative shall be responsible for the administration of the fund. A simple majority vote of the council is needed to approve the fund expenditures prior to monies being disbursed from the fund.
(Ord. 678 § 2, 2014)
This fund is declared to be perpetual and monies remaining therein at the conclusion of each budget year shall carry over into the ensuing year, unless determined differently by the town council.
(Ord. 678 § 3, 2014)
The town clerk-treasurer is directed to maintain the above-referenced fund as provided herein and to invest the same so as to generate such additional monies as is reasonably prudent, which shall be accrued and added to the balance of said fund.
(Ord. 678 § 4, 2014)