(A) There is hereby established the Cedar Lake Ecosystem Restoration Project Special Revenue Non-reverting Fund, which shall be a special revenue non-reverting fund under the rules, regulations and requirements of applicable Indiana law, including the Indiana Code, as amended from time to time, as well as the administrative rules and requirements of the Indiana State Board of Accounts.
(B) All monies collected as donations and contributions, grants, or any other specifically designated funds for the Cedar Lake Ecosystem Restoration Project which are not otherwise specifically deposited pursuant to any other town ordinances or state law, as amended from time to time, as well as specific designated appropriations from other town funds, shall be deposited into the established Cedar Lake Ecosystem Restoration Project Special Revenue Non-reverting Fund.
(C) Semi-annually, after the property tax distribution to the town from Lake County, Indiana, government offices and officials, the Clerk-Treasurer shall provide and deliver to the Town Council a written report of the amount of CEDIT Local Option Income Tax (LOIT) paid and distributed to the town for direction and authorization of the Town Council for transfer of a designated percentage of said CEDIT into the Cedar Lake Ecosystem Restoration Project Special Revenue Non-reverting Fund. The report of the Clerk-Treasurer semi-annually shall include the beginning balance of said CEDIT LOIT for the previous six months, amount(s) distributed to the town, receipted and deposited into the Cedar Lake County Economic Development Income Tax (CEDIT) Special Revenue Non-Reverting Fund, and any expenditures in order to provide a current CEDIT fund balance. Further, the Clerk-Treasurer shall include in the semi-annual report the calculation of 10%, 15%, and 20%, respectively, of the net amount of CEDIT collected in the preceding semi-annual, or six month period for Town Council consideration, review, and transfer directions related to funding the Cedar Lake Ecosystem Restoration Project Special Revenue Non-reverting Fund, for the purpose of such fund.
(D) All monies deposited into the Cedar Lake Ecosystem Restoration Project Special Revenue Non-reverting Fund other than CEDIT Local Option Income Tax (LOIT) shall be utilized and expended only under express direction and authority of the Cedar Lake Town Council, as deemed appropriate by the Town Council, for use by the town for the Cedar Lake Ecosystem Restoration Project.
(E) The Town Council retains the authority, as it deems appropriate, to return transfer any or all of the CEDIT Local Option Income Tax Funds transferred into the Cedar Lake Ecosystem Restoration Project Special Revenue Non-reverting Fund, to the original Cedar Lake County Economic Development Income Tax (CEDIT) Special Revenue Non-Reverting Fund from which such transfer was made for the uses and purposes of said Cedar Lake County Economic Development Income Tax (CEDIT) Special Revenue Non-Reverting Fund.
(Ord. 1216, passed 2-17-15; Am. Ord. 1404, passed 12-7-21)