A.
Segregation. The Town shall segregate and maintain
the identity of all funds received under this Part 4 until such time
that these funds and accumulated interest are appropriated by the
Town for their intended purpose. The Town shall have sole discretion
in selection of financial institutions and investment vehicles utilized
in managing funds received under this Part 4. Such funds shall be
invested prudently, in accordance with Maine law, but neither the
Town nor any of its officials shall be responsible for maximizing
return on investment.
B.
Ten years to appropriate. The Town, in accordance
with its Charter, shall appropriate all funds and accumulated interest
received under this Part 4, within 10 calendar years of funds' receipt
date, for their intended purpose, or funds shall be returned to respective
payers with accumulated interest.
C.
Sole discretion. The Town shall have sole discretion
in all decisions related to appropriation and expenditure of funds
received under this Part 4 and appropriation and expenditure of additional
Town funds which may be necessary to complete certain projects.
