The city does hereby establish a Rainy Day Fund to receive transfers of unused and unencumbered funds under I.C. 36-1-8-5 and I.C. 36-1-8-5.1 subject to the following terms.
(A) The city shall establish a Rainy Day Fund.
(B) The city Rainy Day Fund herein created shall be subject to the same appropriation process as other funds that receive tax money.
(C) The City Council intends said Fund to be utilized to stabilize budgets so that spending may be maintained without increasing taxes, to relieve conditions threatening the health, safety of citizens due to a catastrophic event, to be used for economic development and infrastructure improvement, and to offset one-time emergency expenditures for city business.
(D) No more than 10% of any fiscal year’s total budget shall be transferred into the Rainy Day Fund.
(E) Unused appropriations or dormant accounts may be transferred from any fund that raises tax dollars by a tax levy, including the General Fund, the Riverboat Revenue Sharing Fund, Industrial Park Development Fund, and Tax Increment Financial Fund.
(F) A portion of said fund, to be determined by Council, may be placed into a revolving loan fund for the city, to be loaned on favorable rates of interest to entities, public or private, to support economic development, industry, and the education development of the city.
(Ord. 2004-03, passed 2-19-2004)