(A) The Rainy Day Fund for the city is hereby established, all in accordance with the provisions of I.C. 36-1-8-5 and I.C. 36-1-8-5.1.
(B) Hereinafter following the effective date of this section, whenever the purposes of a tax levy have been fulfilled and an unused and unencumbered balance remains in the fund, the Common Council shall order the balance of such fund to be transferred to the General Fund or the Rainy Day Fund of the municipality as provided within I.C. 36-1-8-5.1, unless a statute otherwise provides.
(C) The Rainy Day Fund is subject to the same appropriation process as all other funds receiving tax money. Prior to making an appropriation from the Rainy Day Fund, the Common Council shall make a finding that the proposed use of the Rainy Day Fund is consistent with the intent of the Fund.
(D) In any fiscal year, the city may transfer in accord with any statutory requirements for the fund.
(Ord. 591, passed 4-13-09)