(A) There is hereby created the Special LOIT Distribution Fund, Fund 257 into which fund all special LOIT distribution monies shall be deposited.
(B) Expenditures from this fund are restricted to allowable purposes per I.C. 6-3.6-9-17(h)(l)(A) as follows:
(1) Engineering, land acquisition, construction, resurfacing, maintenance, restoration, or rehabilitation of both local and arterial roads and street systems.
(2) The payment of principal and interest on bonds sold primarily to finance road, street, or thoroughfare projects.
(3) Any local costs required to undertake a recreational or reservoir road project under I.C. 8-23-5.
(4) The purchase, rental, or repair of highway equipment.
(5) Providing a match for a grant from the local road and bridge matching grant fund under I.C. 8-23-30.
(C) The fund shall be subject to the same appropriation process as other municipal funds.
(Ord. 2016-010, passed 5-24-2016)