The economic development fund shall be a nonreverting fund with all monies held by the fund to remain within the fund and not revert to the general fund or operation of the town. Upon termination of the economic development fund all monies remaining in the fund, and no longer needed for the purpose intended, shall be transferred to the payment of capital projects for the town upon the approval of the town council. In the event the town does not proceed with the project, the purpose for which the funds were received, the town council may refund the contributions to the contributors of record. (Ord. 887 § 5, 1998).