[Adopted 5-11-2009 by Ord. No. 07-23]
The Town has recognized that the Long Beach West peninsula is
a valuable open space and passive recreation resource. In order to
preserve this resource for future generations, the Town has determined
that the sale of this property to the United States Fish and Wildlife
Service is in the best interest of Stratford.
All of the proceeds derived from the sale of the Long Beach
West peninsula to the United States Fish and Wildlife Service are
to be maintained in a separate fund, known as the "Stratford Reserve
Fund." The proceeds of the fund are to be invested in accordance with
law to obtain the highest possible return.
A.
All of
the monies deposited into the Reserve Fund shall be maintained and
preserved for the benefit of the Town. The Finance Director on an
annual basis shall certify to the Mayor and the Town Council the amount
of investment income available for appropriation by the Town. The
principal of the Reserve Fund shall not be eligible for appropriation.
B.
The annual
investment income may be utilized by the Town for capital improvements,
capital equipment, the development of fixed assets of the Town and
such other proper purposes as authorized by the Town Council.
The Director of Finance shall make an annual report to the Town
Council of the expenditures made pursuant to this article. The financial
statement describing all of the activities of the Stratford Reserve
Fund for each fiscal year shall be a part of the annual financial
report. All financial activities shall be conducted in accordance
with the pronouncements and/or regulations of the Government Accounting
Standards Board (GASB).
