A Loit Special Distribution Fund is hereby created under the following terms and conditions.
(A) The sources of funding for the newly established fund are a special distribution of local option income tax pursuant to Senate Enrolled Act 67 and any other funding source not specifically prohibited by law.
(B) 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 project;
(3) Any local cost 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 for aviation commissioners established under I.C. 8-22-3-2 or an airport authority established under I.C. 8-22-3-1.
(C) The Fund shall be subject to the same appropriation process as other municipal funds.
(Ord. 3, 2016, passed 6-13-2016)