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(A) Establishment. There is hereby established a special fund to be called the Rainy Day Fund.
(B) Transfers to Fund. Whenever the purposes of a general or special tax levy have been fulfilled and an unused and unencumbered balance remains in the fund, pursuant to I.C. 36-1-8-5(b), the Common Council shall order the balance of the fund to be transferred to the Rainy Day Fund. In any fiscal year, the Common Council may transfer not more than 10% of the city’s total budget for that fiscal year to the Rainy Day Fund.
(C) Purpose. The Rainy Day Fund shall be used for those purposes the Common Council deems appropriate and proper in light of the circumstances.
(D) Appropriation process. The Rainy Day Fund is subject to the same appropriation process as other funds that receive tax money.
(1980 Code, § 34.05) (Ord. 2001-20, passed 12-11-2001)