(A) There is hereby established a special revenue fund designated Fund titled “Local Road and Bridge Matching Grant Fund” to receipt and account for grants from the INDOT Community Crossing Grant Award.
(B) Matching money for grants under that program shall come from the Special LOIT Distribution Fund 257, the Restricted Rainy Day Fund 261, any existing Rainy Day Fund, and any local funds which may be used for roads and bridges, which shall also be deposited in the Fund created herein to be used to pay for eligible public works projects.
(C) The grant awards are expected to occur annually; however, in the event that the Fund so created is terminated for any lawful reason before the monies are spent, monies remaining shall revert to the General Fund.
(Ord. 17-0018, passed 7-24-2017)