[HISTORY: Adopted by the Board of Selectmen of the Town of Woodbridge as indicated in article histories. Amendments noted where applicable.]
Article I Country Club Enterprise Fund
[Adopted 3-6-2013, effective 4-6-2013]
The intent of this article is to establish a non-lapsing, self-supporting enterprise fund (hereafter, the "fund") to be held separate and apart from other Town funds to pay expenses of the Country Club of Woodbridge (the "Country Club or "Country Club of Woodbridge") and the Country Club of Woodbridge Commission established pursuant to Article XVII, § 75-1 et seq. from revenue generated by the operation of the Country Club and other funds deposited to it.
The name of the fund shall be the "Country Club of Woodbridge Fund."
All gross revenues derived from the operation of the Country Club of Woodbridge shall be deposited into the fund. In addition, the Town may appropriate other funds for deposit into the fund from time to time, including budgeted funds, grants, donations, bond proceeds, and any other available source of money. The fund shall not lapse at the end of any fiscal year, and amounts on deposit in the fund shall remain in the fund to be withdrawn solely for expenditure for the purposes herein authorized.
The Country Club of Woodbridge Fund may be expended generally for the sole purpose of furthering the operation, maintenance, improvement and development of the Country Club of Woodbridge, consisting of a golf course, driving range, swimming pool, tennis courts, clubhouse and related appurtenances, as the same may change from time to time, and to pay debt service on Town bonds issued to acquire the Country Club of Woodbridge or for bonds issued hereafter for the benefit of the Country Club, including:
To operate and maintain, improve and develop the Country Club of Woodbridge and its appurtenant facilities;
To retain, expand the existing facilities;
For property management including, but not limited to, insurance, supplies, salaries and other incidental expenses;
For administrative expenses;
For debt service; and
For all things necessary and incidental to carrying out the purposes for which the fund is created.
Each year the estimated gross revenues derived from the operation of the Country Club in accordance with § 42-3, and all expenditures to be paid from such gross revenues shall be shown separately for informational purposes on the Town budget, but shall not constitute amounts to be included in budgeted revenues or expenses of the Town. Expenditures from the Country Club of Woodbridge Fund shall be made in accordance with the resolution establishing the Country Club of Woodbridge Commission. Country Club expenditures shall not exceed the amount available in the fund, or otherwise available from operation of the Country Club of Woodbridge. Town funds, if any, appropriated to the fund as part of the annual budget, shall be included and shown in the budget as any other budgeted Town expense.
The Town shall possess all powers conferred by law to manage, invest and account for the Fund assets as with any other Town funds. The Board of Selectmen may prescribe by resolution additional terms, conditions and procedures regarding fund management and expenditure not inconsistent herewith.