(A) There is hereby established a fund of the town which shall be known and designated as the Rainy Day Fund and which shall be for the purposes of receiving the transfer of remaining balances of monies raised by a general or special tax levy after the purposes of said general or special tax levy have been fulfilled.
(B) The intent of the Fund is to set aside monies that may be used by the town in the future for the benefit of the town and its citizens.
(C) The Rainy Day Fund shall be subject to the same appropriation process as other funds that receive tax monies and no appropriation from the Rainy Day Fund shall be made unless the Town Council makes a finding that the proposed use of the monies to be appropriated is consistent with the intent of the Fund.
(D) No transfer shall be made from any fund to the Rainy Day Fund except in accordance with the provisions set forth in I.C. 36-1-8-5 and 36-1-8-5.1.
(E) Funds may be placed into the town’s Rainy Day Fund from MVH Funds and Major Move Funds for the purpose of providing matching funds for a grant from the Local Road and Bridge Matching Grant Fund provided that:
(1) Monies from these funds are appropriated from their respective funds for a transportation asset management plan;
(2) The amount appropriated is identified and directly committed within the plan;
(3) Any funds placed into the Rainy Day Fund from this source is committed to and restricted to use as a match for specified grants;
(4) Any balance of funds committed to the match for the grant and not used for the match by the end of the grant are to be returned to the original fund; and
(5) Based upon the June 9, 2016 memorandum “Fund 262 Rainy Day Restricted” and “Fund 263 Rainy Day Restricted-MVH” is to be used for MVH transfers.
(Prior Code, § 2-76) (Ord. 2006-12, passed 12-12-2006; Ord. 2016-12, passed 8-9-2016)