(A) The “Motor Vehicle Highway Fund” Unallocated (201) is renamed “Motor Vehicle Highway Fund” (201).
(1) The fund will receive 50% of all State Motor Vehicle Highway distributions received after January 1, 2019.
(2) The fund will retain any cash balance, including investment and interest, as of January 1, 2019.
(3) The fund will receive all miscellaneous revenue related to either the Motor Vehicle Highway Fund or the Motor Vehicle Highway Restricted Fund.
(4) The fund will be used for any legal expenditure of the motor vehicle highway dollars.
(B) The sub-fund Motor Vehicle Highway Fund Restricted (203) (“Restricted”) is created.
(1) The Restricted Fund will receive 50% of all State Motor Vehicle Highway distributions from January 1, 2019.
(2) The Restricted Fund will be used solely for construction, reconstruction, preservation of highway as defined in I.C. 8-14-1-1(4), 8-14-1-1(5), and 8-14-1-1(7), respectively.
(Ord. 2019-01, passed 5-13-2019)