(a) There is hereby established a special fund to be known as the "Parks and Recreation Special Revenue Operating Fund," which shall be a special revenue fund under the rules, regulations, and requirements of applicable Indiana law, including the Indiana Code, as amended from time to time, and the administrative rules and requirements of the Indiana State Board of Accounts.

(b) Locally generated fees related to parks and recreation activities, programs, and projects shall be deposited into the operating account, unless an alternative fund is designated by ordinance for deposit of a specified fee, as established currently or subsequent hereto.

(c) Park-related revenue from property taxes, state generated taxes, locally generated fees not identified in subsection (b) above, and any monies transferred at the direction of the Town Council, may be deposited into the operating account.

(d) When approved and authorized by the Board, monies in the operating account shall be appropriated and expended for: