(A) Creation of Rainy Day Fund. There is hereby established a "Rainy Day Fund" to receive transfers of unused and unencumbered funds, including but not limited to unused and unencumbered funds received under I.C. 35-1-8-5, I.C. 6-3.5-1.1, I.C. 6-3.5-6, I.C. 6-3.5-7, or any funds (unless otherwise prohibited by law) raised by a general or special tax levy on taxable property within the town, whenever the purpose of such tax levy has been fulfilled and an unused and unencumbered balance remains.
(B) Purposes of the Fund. The funds on deposit in the Rainy Day Fund may be used for the financing of the operation of the town and its various departments and projects, when the town does not have sufficient levies or funds to pay such costs, including, but not limited to, salaries and wages, costs of services, supplies, equipment, capital improvements, repairs and similar expenditures.
(C) Transfer to Fund. After the last day of the fiscal year and before March 1 of the subsequent calendar year, the Town Council shall determine the amount, if any, of any unused and unencumbered funds available to be transferred to the Rainy Day Fund, which transfer may not exceed more than 10% of the town's total budget for that fiscal year.
(D) Appropriations. The Town Council may authorize the expenditure of funds from the Rainy Day Fund by appropriations made in the same manner as other funds are appropriated that receive tax monies, upon making a finding that the proposed use of the funds is consistent with the intent of the fund.
(E) The Town Council and Redevelopment Commission may authorize the transfer of TIF Allocation fund monies into the town’s Rainy Day Fund to provide a match for Community Crossing’s grant program funds upon compliance with the following conditions:
(1) Any money transferred from the TIF Allocation Fund will become a dedicated match for a Community Crossing grant subject to the condition that said Allocation Fund monies as well as the corresponding grant funds received and attributable to them may only be used for the statutory purposes of the TIF Allocation Fund and the Redevelopment Plan of the town.
(2) Any committed unused balance of the TIF Allocation Fund monies at the conclusion of the Community Crossing’s grant program will be returned to the TIF Allocation Fund.
(3) Finally, in order to implement the provisions of these restrictions, the town shall enact an ordinance establishing Fund 265 to be known as the Local Road and Bridge Matching Grant Fund - TIF Allocation Fund, § 33.23 of this code.
(Ord. 1460-10-06, passed 11-13-2006; Am. Ord. 1570-8-16, passed 8-17-2016)