(A) The LOIT special distribution fund (Fund 257) is hereby created for the receipt of 75% of the one-time distribution of the local income tax pursuant to Senate Enrolled Act 67.
(B) Funds deposited into the LOIT special distribution fund (Fund 257) may only be used for the following purposes:
(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; or
(5) Providing a local match for the INDOT Local Road and Bridge Matching Grant.
(Ord. 2016-03, passed 5-16-2016)