(A) There is hereby created the Clark County, Indiana Rainy Day Fund.
(B) To the extent the County Council has heretofore attempted to exercise an ordinance function with respect to the Council’s Ordinance 5-2007, this Board hereby completes that process, for all legal purposes, and legally establishes this fund in the county, effective as of the date when the Council first acted.
(C) This Board states that this is a non-reverting fund. The source of funds shall be any unused and unencumbered funds allowed to be used by I.C. 36-1-8-5.1(b)(2), as amended. Additionally, sources for this fund may include those specific sources mentioned in I.C. 36-1-8-5.1, inclusive of 36-1-8-5, I.C. 6-3.5-1.1-21.1, I.C. 6-3.5-6-17.3 or I.C. 6-3.5-7-17.3.
(D) Additionally, sources of this fund may include any other funding source not otherwise prohibited by law.
(E) Expenditures from this fund are subject to the same appropriation process as other county funds that receive tax money.
(F) In any fiscal year, the county, as a political subdivision, may transfer not more than 10% of the political subdivision’s total annual budget for the fiscal year, adopted under I.C. 6-1.1-17, to the Rainy Day Fund.
(Ord. 6A-2007, passed 4-19-2007)