(A) The fund known as the Local Road and Bridge Matching Grant Fund ("Fund"), and which is to be given the number 258, is now established. The Fund shall receive monies from the Local Road and Bridge Matching Grant Fund thru INDOT from Community Crossings as well as local match funds transferred from the State of Indiana's LOIT Special Distribution Fund earmarked for local road improvements.
(B) Counties, cities, and towns have restrictions on the use of at least 75% of the special LOIT distribution received for infrastructure as found under I.C. 6-3.6-9-17(h)(1)(A). The Community Crossings Matching Grant Funds are to be used for the same allowable purposes. Expenditures from this Fund are restricted to allowable purposes per I.C. 6-3.6-9-17(H)(1)(a) as follows:
(1) Engineering, land acquisition, construction, resurfacing, maintenance, restoration or rehabilitation of both local and arterial road and street systems;
(2) The payment of principal and interest on bonds sold primarily to finance road, street or thoroughfare projects;
(3) Any local costs required to undertake a recreational or reservoir road project under I.C. 8-23-5;
(4) The purchase, rental or repair of highway equipment;
(5) Providing a match for a grant from the local road and bridge matching grant fund under I.C. 8-23-30; and
(6) Capital projects for aviation related property or facilities, including capital projects of a Board of Aviation Commissioners established under I.C. 8-22-3-1.
(C) The fund shall be subject to the same appropriation process as other municipal funds.
(Ord. 2-2017, passed 3-14-17)