Subject to §§ 33.504 and 33.506, the following are goals, standards, and procedures herewith adopted by the Common Council to be followed relative to the investment of monies in the Fund, the appropriation of monies from the Fund for projects or undertakings permitted by law, the repayment of monies advanced from the Fund, the earning of interest or other returns on monies within the Fund or advanced from the Fund, and the processing of proposals for consideration by the Mayor and the Common Council to be paid for by monies appropriated by the Fund.
(A) Monies in the Fund are to grow, over time, through interest earnings and other returns on investments, to serve as a perpetual resource for projects or other undertakings permitted by law using monies within the Fund.
(B) Except in the case of approved road maintenance programs, as set forth in § 33.504, appropriations from the Fund shall be repaid to the Fund, with interest; when interest is applicable, the interest rate to be attached to any appropriation of monies, which interest is to thus be repaid to the Fund in addition to return of the amounts so appropriated, shall be established as part of the documentation contemplated by § 33.506, with such interest rate to generally approximate the floating average interest rate received by the City Controller on generally pooled investment funds of the city consistent with I.C. 5-13-9.
(C) All requests for the appropriation of monies from the Fund for legally permitted projects and undertakings shall first be submitted to, and reviewed by, the Expenditure Review Committee as defined in § 33.503. No request for monies from the Fund shall be approved by the Mayor and submitted to the Common Council for formal appropriation, unless and until the Expenditure Review Committee has reviewed the request, and submitted to the Mayor and Common Council jointly a report, which report shall address and/or consider:
(1) The merits of the project and undertaking for which the request has been submitted;
(2) The ability of city government, directly or indirectly, through available funding sources, to repay any appropriation, with requisite interest, where required;
(3) The appropriate interest rate to be imposed upon the appropriation of such monies, and to be made a part of the repayment program for such, where applicable;
(4) The propriety and importance of such request and the proposed appropriation from the Fund relative to other projects and undertakings for city government generally which may be supported by appropriations from the Fund; and
(5) Whether the request for appropriation can be directly funded from other available sources in a practical or efficient matter.
(D) In addition to the goals, standards and procedures set forth herein, appropriations of monies from the Fund shall be in compliance with House Enrolled Act No. 1008, and in particular I.C. 8-14-16-4(d).
(E) Consistent with I.C. 8-14-16(4)(c), and I.C. 5-13-9, the City Controller shall administer the monies in the Fund, and shall be authorized to pool such monies, subject to specific and separate accounting and recordkeeping procedures, with other city investment funds.
(F) As part of the annual budgetary process for city government, the Expenditure Review Committee shall establish the actual or projected fund balance as of each applicable January 1, commencing with January 1, 2009. The fund balance shall consist of all monies attributable to or related to the Local Major Moves Construction Fund, to include monies as yet unused and unappropriated, all appropriated amounts within the Fund, but not yet withdrawn from such, all monies loaned or advanced from the Fund, subject to documentation and repayment programs as set forth in § 33.506, all earned and accrued interest due on repayment programs, but not yet paid into the Fund, all accrued interest forming a part of the monies within the Fund, and all interest contemplated to be accrued on monies within the Fund and/or contemplated to be accrued on repayment programs to and including the applicable January 1 date. Excluded from the fund balance, for purposes of such definition and determination, shall be appropriated but not yet advanced monies contemplated for road maintenance programs, which appropriations shall take place prior to the applicable January 1.
(G) The principal amount of monies advanced under repayment programs shall not, at any time, exceed 50% of the then current fund balance as computed per division (F) above.
(Ord. 5086, passed 12-17-2007)