3.05.030 Purpose.
To provide a financial cushion to cover revenue shortfalls resulting from unexpected economic changes or recessionary period s and the town shall maintain a restricted reserve balance within the fund that:
(1) Must equal or exceed $500,000; and
(2) Shall not be expended for any other purpose than:
(a) Emergency circumstances at which the town faces crucial financial difficulties and has exhausted all other resources to cover operational and maintenance expenditures; or
(b) Emergency events or natural disasters at which the town is affected by unforeseen and uncontrollable circumstances that result in unexplained expenditures;
(3) The remaining balance in said fund may be used for:
(a) The purpose of acquiring real property or any interest therein; or
(b) For other nonoperational purposes deemed beneficial to the town; provided, that any monies in the fund shall never be expended for any other purpose or purposes than those specified without an ordinance approved by the vote by a two-thirds majority of the members of the legislative authority of the town. (Ord. 619, 2019)