(A) Establishment of the Greene County Rainy Day Fund. Pursuant to I.C. 36-1-8-5.1, there is hereby established the County Rainy Day Fund.
(B) Administration. The Fund shall be administered by the County Auditor.
(C) Appropriations. Expenditures from the Fund shall be subject to appropriation by the County Council.
(D) Deposits. Pursuant to I.C. 36-1-8-5.1(b)(2):
(1) All unused and unencumbered funds distributed to the county under:
(a) I.C. 36-1-8-5; and
(b) Any other funding source specific by other statute, or any amendment or recodification thereof.
(2) Any transfers by the County Council from the County General Fund shall be deposited into the Fund.
(E) Authorized expenditures. No moneys deposited into the Fund shall be expended, except for the following purposes:
(1) To reduce the property levy of the county;
(2) To fund additional property tax replacement credits in property tax increment allocation areas; or
(3) To carry out any governmental purpose for which the fiscal body of the county appropriates the Fund, including economic development purposes.
(F) Limitation on transfers to the Fund. In any fiscal year, the County Council may not approve the transfer under I.C. 36-1-8-1 et seq., more than 10% of the county’s total annual budget for that fiscal year into the Fund.
(G) Governing law. The Fund shall be administered consistent with and subject to the provisions of I.C. 36-1-8-1 et seq., as may be amended from time to time.
(H) Effective date. This section shall be effective upon passage by the Board of Commissioners of the county.
(Ord. 2007-01, passed 3-20-2007)