(A) Creation of Fund 257 LOIT Special Distribution Fund. There is hereby established a LOIT Special Distribution Fund to receive special distributions of Local Option Income- Tax pursuant to Senate Enrolled Act 67 and any other funding source not specifically prohibited by law.
(B) Purposes of the Fund. Expenditures from this Fund are restricted to allowable purposes per IC 6-3.6-9-17(h)(1)(A) as follows:
(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 IC 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 IC 8-23-30;
(6) Capital projects for aviation related property or facilities, including capital projects of a Board of Aviation Commissioners established under IC 8-22-2 or an Airport Authority established under IC 82-22-3-1.
(C) Appropriations. The Town Council may authorize the expenditure of funds from the LOIT Special Distribution Fund by appropriations made in the same manner as other funds are appropriated that receive tax moneys, upon making a finding that the proposed use of the funds is consistent with the intent of the Fund.
(Ord. 2016-4, passed 5-23-16)