[Adopted 5-22-2018 by Ord. No. 1719-02]
As used in this article, the following terms shall have the
meanings indicated:
A repair, renovation and/or minor addition, which has a life
expectancy of at least seven years and costs in excess of $15,000,
to a building and/or facility maintained by the Town of Newington
Recreation Department.
There is hereby created the Recreation Capital Improvement Projects
Reserve Fund. Said fund shall serve as a means to set aside moneys
for the financing of recreation capital improvement projects. There
shall be paid into said fund any funds in excess of $1,000,000 at
year end from the Recreation Enterprise Fund, the earnings derived
from investment of fund balances and such transfers and appropriations
as the Town Council may, from time to time, authorize.
The balance of the Recreation Capital Improvement Projects Reserve
Fund existing at the close of any fiscal period shall remain credited
to such fund and shall not lapse to the general fund. The balance
of said fund or any portion thereof may be invested separately or
in conjunction with other idle Town funds, provided that any applicable
interest earnings shall be credited to said fund.
A.
Expenditures from the Recreation Capital Improvement Projects Reserve Fund shall only be used to finance recreation improvement projects. Such expenditures from said fund shall conform to appropriations made by the Town Council, as requested by the Recreation Department, in accordance with Article VIII of the Town Charter.
B.
No other expenditures shall be made from said fund nor shall any
transfer be made from said fund for any purpose not authorized herein.
