(A) There is hereby established a Rainy Day Fund, pursuant to the provisions of I.C. 36-1-8-5 and 36-1-8-5.1.
(B) The Rainy Day Fund shall receive transfers or deposits of unused and unencumbered funds under I.C. 36-1-8-5, 6-3.5-1.1-21.1, 6-3.5-6-17.3 and 6-3.5-7-17.3. Transfers to the Rainy Day Fund must be made after the last day of the fiscal year and before March 1 of the subsequent calendar year.
(C) The funds accumulated in the Rainy Day Fund may be used for any purpose stated herein:
(1) To reduce the cost of large equipment or vehicles;
(2) To reduce the cost of capital projects;
(3) To fund sewer and water projects, including storm water management projects; and
(4) To fund unexpected costs due to declared emergencies.
(D) The Rainy Day Fund is subject to the same appropriation process as other funds that receive tax money and no appropriation shall be made of the Rainy Day Fund unless and until the Town Council makes a finding in writing that proposed use of the Rainy Day Fund is consistent with intent of the Rainy Day Fund and this section.
(E) In any fiscal year, the town may transfer not more than 10% of its total budget for the fiscal year adopted under I.C. 6-1.1-17 to the Rainy Day Fund.
(F) The Fund shall be perpetual until terminated by the subsequent action of the Town Council.
(G) Upon termination of the Fund by subsequent action of the Town Council, any funds remaining in the Rainy Day Fund upon termination shall be transferred to the General Fund of the town.
(Ord. 04-001, passed 4-5-2004)