Adopted by the Board of Selectmen on February 20, 2001
Published in the Journal Inquirer on February 27, 2001
Effective Date: March 14, 2001
Amends Recreation Round Fund Ordinance first adopted on March 15, 1996
RECREATION ROUND FUND ORDINANCE
1. It is recognized that pursuant to Connecticut General Statutes S7-148( c )(2)(k), that a special fund to be known as the Recreation Found Fund (the “Fund”) be hereby established, which Fund shall be used in whole or in part to conduct or sponsor recreational programs, services and activities for Bolton and for the acquisition, erection, installation, maintenance, improvement, repair and replacement of park or recreation facilities and equipment.
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 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 monies so invested shall at all times be subject to withdrawal from such investment for use as provided in paragraph 1, above.
3. Annually, the treasurer shall submit to the Board of Selectmen, the Board of Finance, and to the Recreation Commission a complete and detailed report of the condition of said fund, which report shall be made a part of the Bolton annual report.
4. Decisions regarding the use of monies in said fund shall be made by the Board of Selectmen in their discretion. The Selectmen may delegate, upon such conditions as the Board of Selectmen shall determine, disbursement authority to the Recreation Commission Chairman, an employee or some other appointed person.
5. There shall be deposited in such fund, (a) all monies received by the Town from whatever source and from whatever means as gifts for recreation purposes; (b) all monies received by the Town as governmental grants or loans for recreational purposes; and (c) all monies received by the Town as income from Indian Notch Park; and (d) all monies appropriated to said fund.
6. The Fund shall continue in existence until by ordinance it is determined to amend or discontinue the same.
7. 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.