(A) The need now exists for the establishment of a LOIT Special Distribution Fund pursuant to Senate Enrolled Act 67, and for any other funding source not specifically prohibited by law.
(B) The expenditures from said fund are restricted to allowable purposes pursuant to I.C. 6-3.6-9-17(h)(l)(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; or
(6) Capital projects for aviation related property or facilities, including capital projects of a board of aviation commissioners established under I.C. 8-22-2 or an airport authority established under I.C. 8-23-3-1.
(C) The fund shall be subject to the same appropriation process as other municipal funds.
(Ord. 673, passed 5-23-16)