As required by I.C. 6-3.6, the Clerk-Treasurer is hereby directed and authorized to establish and maintain a fund entitled the “Local Income Tax Fund” to be otherwise known as the “LIT Fund”. The LIT Fund shall be utilized for the purpose of receiving distributions owed to the city from the County Auditor. The funds on deposit in the LIT Fund shall be appropriated by Common Council for public safety purposes.
(Ord. 2011-4, passed 2-9-2011)