(A) Establishment of fund. There is hereby established for the county Fund 1228, designated as the LOIT Special Distribution, to receive and account for the 75% restricted portion of the one-time special distribution of local option income taxes in 2016.
(B) Purpose of the fund. As provided by I.C. 6-3.6-9-17, the LOIT Special Distribution Fund may be used only for the following purposes:
(1) Engineering, land acquisition, construction, resurfacing, maintenance, restoration or rehabilitation of both local and arterial road 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;
(6) Capital projects for aviation-related property or facilities, including capital projects of a board of aviation commissioners established under I.C. 8-22-2, or an airport authority established under I.C. 8-22-3-1.
(C) Appropriations. The LOIT Special Distribution Fund is subject to the same appropriation process as other funds that receive tax money.
(D) Source of funds. The LOIT Special Distribution Fund shall be a non-reverting fund, with all unused monies in the fund at the end of each fiscal year remaining in the LOIT Special Distribution Fund.
(E) Unrestricted portion of special distribution. The remaining and unrestricted portion of the 2016 one-time special distribution of local option income tax revenues pursuant to Senate Enrolled Act 67 under I.C. 6-3.6-9-17, being 25% of the special distribution, will be deposited in the Rainy Day Fund
(BC Ord. 2016-004, passed 6-7-16)