[Adopted effective 5-8-1989]
The Town of Ellington does hereby authorize
the creation of a special fund, which shall be known as the "Town
of Ellington Municipal Land Trust Fund," for the purpose of the purchase
of land for municipal space needs.
There shall be deposited in said fund:
A.
All moneys received by the Town of Ellington, from
whatever source and by whatever means, as gifts to the Municipal Land
Trust Fund for the purchase of land for municipal space needs; and
B.
Any moneys appropriated to said fund by the Town of
Ellington, in its discretion, which moneys have been acquired from
the sale of real property owned by the Town of Ellington.
Said fund shall be in the custody of the Town
of Ellington Finance Officer and shall not become a part of the general
fund of the Town. All or any part of the moneys in said fund may,
from time to time, be invested in 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 moneys
so invested shall at all times be subject to withdrawal from such
investment for use in the purchase of land for municipal space needs,
as provided under this article.
Annually, the Finance Officer having custody
of such fund shall submit to the Board of Selectmen a complete report
of the condition of said fund, which report shall be made a part of
the annual municipal report.
The Board of Selectmen shall control the Municipal
Land Trust Fund and shall, when the Board of Selectmen deems appropriate,
recommend expenditures from the fund solely for the purchase of land
for municipal space needs.
Upon authorization of the Board of Selectmen
and in accordance with all appropriation rules, procedures and legal
requirements governing Town expenditures, the moneys in said fund
may be used for expenditures incurred in the purchase of land for
municipal space needs, including expenditures for construction costs,
legal fees, and other expenses directly related to the purchase of
land.
