(A) The Town Council hereby establishes a Local Option Income Tax (LOIT) Y2016 Special Distribution Fund, as a special revenue non-reverting fund pursuant to the applicable rules and regulations of the State of Indiana Board of Accounts, if necessary and applicable, for deposit of a one-time Y2016 LOIT Special Distribution amount received, or to be received, by the Town of Cedar Lake, consistent with recently promulgated SEA 67 in the last session just concluded of the Indiana General Assembly. The Town Clerk-Treasurer is hereby authorized and directed to establish the account required to be established as set forth herein, consistent with the requirements for such established by the Indiana State Board of Accounts, including the establishment of a Y2016 LOIT Special Distribution Fund for deposit of the aforesaid LOIT Y2016 Special Distribution.
(B) The one-time LOIT Y2016 Special Distribution received by the town shall be deposited into said established Fund, with at least 75% of said receipted Special Distribution funds to be deposited in the newly established LOIT Y2016 Special Distribution Fund, with the balance of said one-time LOIT Y2016 Special Distribution, if any, to be available for use by the town for any purpose deemed appropriate. The 75% or greater portion of said one-time LOIT Y2016 Special Distribution received shall be used exclusively for infrastructure as specified by the provisions of IC 6-3.6-9-17(h)(1)(a), as amended from time to time, and the balance, if any, may be used for any purpose deemed appropriate by the town.
(Ord. 1241, passed 5-17-16)