[HISTORY: Adopted by the Town Council of the Town of Ocean View 3-6-2007 by Ord. No. 212. Amendments noted where applicable.]
In preparing the annual budget for the Town, the Town Council shall include an appropriation for an Emergency Reserve Trust Fund (hereinafter ERTF) which shall be in addition to the emergency appropriations provide for in Section 3.105B of the Town Charter.
[Amended 5-9-2017 by Ord. No. 339]
The total accumulated balance to be maintained in the ERTF shall be not less than 20% of the current operating budget of the Town.
The ERTF shall be funded as follows:
An initial deposit of $1,000,000 shall be included in the annual operating budget for the fiscal year 2007.
Any additional income that may be earned by the reasonable and prudent investment of the ERTF in secure investments.
After the fiscal year 2022, portions of the excess transfer tax revenues shall be allocated to achieve and maintain the accumulated balance required herein.
[Amended 5-17-2011 by Ord. No. 278; 5-9-2017 by Ord. No. 339]
Use during natural disaster or public emergency.
Funds accumulated in the ERTF may be expended if the Town shall be included within a geographical area declared to be a natural disaster by the President of the United States of America or by the Governor of the State of Delaware.
In addition to the provisions set out above, funds accumulated in the ERTF may be expended by the Town Council when, at its discretion, it declares a public emergency.
Use during period of reduced revenues.
Funds accumulated in the ERTF may be expended to fund the Town's annual operating budgets during a period of reduced revenues due to reductions in the transfer tax.
Funds expended from the ERTF, under Subsection B(1), shall not exceed $250,000 and shall be expended only for those purposes concurred upon by a majority of the members elected to the Town Council. No accumulated funds shall be expended under Subsection B(1) until the FY 2013 annual operating budget.
At any time that the Town Council shall deem necessary and appropriate, the remaining balance may be expended from the Fund and shall be reserved for the construction of a public works building.
[Added 5-17-2011 by Ord. No. 278]
In addition to the deposit of funds required by § 14-3 hereof, the ERTF shall be replenished after expenditure for a natural disaster or to fund the Town annual operating budgets by the Town Council by additionally depositing funds appropriated from the annual operating budget equal to 20% of the ERTF funds expended commencing the fourth year after their expenditure.