(A) The Motor Vehicle Highway Fund (201) shall be renamed the Motor Vehicle Highway Fund - Unallocated (201).
(1) The fund will receive 50% of all State of Indiana Motor Vehicle Highway distributions received after June 30, 2017.
(2) The fund will retain any cash balance including investment income and interest as of June 30, 2017.
(3) The fund will receive all miscellaneous revenues related to either motor vehicle highway fund, allocated or unallocated.
(4) The fund will be used for any legal expenditure of motor vehicle highway dollars.
(B) The Motor Vehicle Highway Fund - Allocated (271) is created.
(1) The allocated fund will receive 50% of all State of Indiana Motor Vehicle Highway distributions received after June 30, 2017.
(2) The allocated fund will be used solely for construction, reconstruction, and maintenance of highways as defined in I.C. 8-14-1-1.
(3) The allocated fund balances will remain in the fund and will not revert to the unallocated fund.
(4) The allocated fund balances will not be eligible for transfer to the Rainy Day Fund 261.
(Ord. 2017-3, passed 6-20-2017)