§ 55-2. Sources of funding, investments, and limitations on use of fund.

(a)

In addition to such sums as may be appropriated by the town for deposit into said Fund, the town is authorized to and shall deposit all monies received by it, from whatever source, for the provision of affordable housing, including fees received pursuant to G.S. § 8-2i and section 588 (e) and (f) of the Darien Zoning Regulations, and other fees, monetary gifts, grants and loans, unless otherwise restricted, into said Fund.

(b)

Said fund shall be in the custody of the town treasurer. All or any part of the monies in said fund may be invested in any securities in which public funds may be lawfully invested. All income derived from such investment shall be placed into the fund and become a part thereof. The monies so invested shall at all times be subject to withdrawal for use as hereinafter set forth.

(c)

No sums contained in said fund, including interest and dividends earned, shall be transferred to any other account within the town budget. Any applicant who has paid a fee pursuant to section 588(e) and (f) shall not be eligible to apply for an expenditure from the fund for the same project. No expenditures shall be made from said fund except in accordance with the provisions of this chapter.

(Amd. of 9-23-2013)