(A) The need exists for the establishment of the LOIT Special Distribution Fund.
(B) The source of the funding for the newly established fund are a special distribution of Local Option Income Tax pursuant to Senate Enrolled Act 67 and any other funding source not specifically prohibited by law.
(C) Expenditures from this fund are restricted to allowable purpose per I.C. 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 project 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. 8-22-2 or an airport authority established under I.C. 8-22-3-1; and
(6) Capital projects for aviation related property or facilities, including capital projects of a board of aviation commissioners established under I.C. 8-22-3-2 or an airport authority established under I.C. 8-22-3-1.
(D) The fund shall be subject to the same appropriation process as other municipal funds.
(Ord. 2016-6, passed 6-6-2016)