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RAINY DAY FUND
(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)
NON-REVERTING FUND - BROADWAY CORRIDOR
A non-reverting fund is hereby established for the purpose of receiving, holding and dispersing monies contributed by builders/developers to assist in the payment of necessary municipal improvements to the Broadway Corridor. The fund shall be titled “Clarksville Broadway Corridor Improvement Fund.” The Clarksville Clerk-Treasurer shall deposit monies received from the Broadway Corridor builders/developers into this fund.
(Ord. 2007-G-03, passed 11-13-07)
(A) Monies from the Clarksville Broadway Corridor Improvement Fund may be dispersed in payment after:
(1) The appropriation of funds by the Town Council;
(2) The filing of a proper claim; and
(3) The issuance of a warrant by the Clerk-Treasurer.
(B) Monies deposited into the Clarksville Broadway Corridor Improvement Fund may be used for all reasonable and necessary expenditures in making the municipal improvements to the Broadway Corridor.
(C) The Clarksville Redevelopment Commission is required to use the Clarksville Broadway Corridor Improvement Fund to the extent and in a manner allowed by law.
(Ord. 2007-G-03, passed 11-13-07)
Authorization for the Clarksville Broadway Corridor Improvement Fund shall expire when the Redevelopment Commission determines and notifies the Town Council that all necessary municipal improvements have been completed or as a subsequent ordinance provides. Any monies remaining in the Clarksville Broadway Corridor Improvement Fund upon the completion of all necessary municipal improvements shall be transferred to the Clarksville Redevelopment Commission General Fund.
(Ord. 2007-G-03, passed 11-13-07)
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