(a) There is hereby established the Town of St. John community events special revenue fund Number 282, 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, as well as the administrative rules and requirements to the Indiana State Board of Accounts.

(b) Any monies collected as donations, from event participation and/or registration fees, as well as appropriations from other town funds, shall be deposited into the Town of St. John community events special revenue fund Number 282, as well as any and all other monies that are specifically identified to be used in connection with designated community events.

(c) The monies deposited in the Town of St. John community events special revenue fund Number 282 shall be utilized and expended only to supplement the cost incurred in connection with the planning, coordination and carrying out of the designated community events and all activities related thereto, as approved and authorized by the Town Council.

(d) The Clerk-Treasurer of the Town is authorized and directed to take all appropriate and required steps to establish said Town of St. John community events special revenue fund Number 282 in conformance and compliance with all applicable law, as amended from time to time.