(A) The purpose for the Rainy Day Fund is to maintain funds which may be used for the purposes set forth in state law.
(B) The sources for funding the Rainy Day Fund may include the following:
(1) IC 36-1-8-5;
(2) IC 6-3.5-1.1-21.1; and/or
(3) IC 6-3.5-6-17.3.
(C) The Rainy Day Fund is subject to the same appropriation process as other funds which receive tax funds.
(D) In any fiscal year, the town may not transfer more than 10% of the town’s annual budget for that fiscal year to the Rainy Day Fund.
(E) The town may only use the funding sources specified in IC 36-1-8-5.1(b)(2)(A), or in this subchapter. The Town Council may adopt a subsequent ordinance authorizing the use of another funding source.
(F) The Department of Local Government may not reduce the actual or maximum permissible levy for the Town of Clarksville as a result of a balance in the Rainy Day Fund.
(Ord. 2007-G-01, passed 2-13-07; Am. Ord. 2014-G-02, passed 5-19-14)