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(A) Purpose. The purpose of this subchapter is to establish a LOIT Special Distribution Fund for the city and is to allocate the one-time 2016 LOIT Special Distribution between said fund and the City's Rainy Day Fund.
(B) Establishment of fund. The Decatur LOIT Special Distribution Fund, fund 257, is hereby created and established to receipt and account for that portion of the 2016 LOIT Special Distribution which is restricted for infrastucture use.
(C) Allocation of distribution. Upon receipt of the LOIT Special Distribution from the Adams County Auditor, the City Clerk-Treasurer is hereby directed to deposit 75% of said distribution into fund 257, the City's LOIT Special Distribution Fund, to be used for infrastructure and is further hereby directed to deposit the remaining 25% of said distribution into the City's Rainy Day Fund to be used as appropriated by the Common Council.
(Ord. 2016-4, passed 5-17-2016)