§ 20C-1. Fund established; use of moneys.

A. 

The Town Board of the Town of North Hempstead hereby establishes a separate fund to be known as the "Manhasset Bay Improvement Fund."

B. 

There shall be paid into said fund:

(1) 

All amounts paid to the town pursuant to a certain agreement, concerning a parcel of real property known as Section 4, Block L, Lot 778, between the Town of North Hempstead and the County of Nassau dated as of September 1999, and executed by the County of Nassau on December 30, 1999, including:

(a) 

Amounts paid at the closing pursuant to the aforesaid agreement; and

(b) 

Amounts paid pursuant to Clause 1.2(c) of the aforesaid agreement.

(2) 

All amounts paid by other governments or private organizations, using moneys in the fund as matching funds, to effect the purposes of the fund.

C. 

The amounts paid into the Manhasset Bay Improvement Fund shall be used exclusively for the following purposes:

(1) 

For clean-up of visual pollution and hazards to navigation on the real property known as Section 4, Block L, Lot 778; and

(2) 

If any moneys remain in the fund after the above task has been completed, for improvements to other portions of Manhasset Bay.

D. 

The Waterfront Advisory Commission shall evaluate and recommend eligible projects under the provisions of this section. However, all expenditures from the fund shall be authorized by a formal resolution of the Town Board.

E. 

The moneys in such fund shall be deposited in one or more of the banks or trust companies designated as banks of deposit by the Town Board. The Supervisor may invest the moneys in such obligations as are permitted by the state law. Any interest or capital gain realized on the money so deposited or invested shall accrue to and become part of such fund.

F. 

The Supervisor shall account for the fund separately and apart from all other funds of the Town. Such accounting shall show the source, date and the amount of each sum paid into the fund; the interest earned by such fund; capital gains or losses resulting from the sale of investments of the fund; the date and amount of each payment from the fund; and the assets of the fund, indicating cash balance and a schedule of investments. The Supervisor, within 60 days of the end of each fiscal year, shall furnish to the Town Board a detailed report of the operation and condition of the fund.

G. 

Said fund shall also be subject to all requirements and limitations provided for by state law.

H. 

The Town Board, by resolution, may establish rules and regulations necessary to implement the provisions of this section.