Adopted on August 19, 1997
Published in The Manchester Extra, August 28, 1997
Effective Date: September 12, 1997
1. It is recognized that pursuant to Connecticut General Statutes 7-148(c)(2)(K), that a special fund to be known as the Economic Development Trust Fund (the “Fund”) be hereby established, which fund shall be used in whole or in part to further economic development in Bolton.
2. The Fund shall be in the custody of the Treasurer of the Town of Bolton and all or any part of the monies in said Fund may, from time to time, be invested in any securities 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 monies so invested shall at all times be subject to withdrawal from such investment for use as provided in paragraph one, above.
3. There shall be deposited in such fund all monies received by the Town, from whatever source and from whatever means, as gifts for furthering economic development in the Town of Bolton.
4. Annually, the treasurer shall submit to the Board of Selectmen, to the Board of Finance, and to the Economic Development Commission, a complete and detailed report of the condition of said funds, which report shall be made a part of the Bolton annual audit.
5. The Economic Development Commission may consult, to the extent they deem appropriate, the Board of Selectmen concerning administration and carrying out the purposes of such Fund.
6. The Economic Development Commission shall be authorized to spend up to $2,000 per project. Any expense in excess of $2,000 would require the prior approval of the Board of Selectmen. Such projects shall be intended to promote the economic development within the Town of Bolton. Examples of such projects include public relations activities and promotional activities related to economic development; production of brochures flyers, signs, surveys; holding of social events and other activities, all intended to stimulate economic growth in Bolton.
7. The Fund shall continue in existence until by ordinance it is determined to amend or discontinue the same.
8. Upon dissolution of the Fund, any remaining balances shall be paid over into the general fund or such other fund as the ordinance terminating said Fund shall direct.