(A) Indiana's Department of Local Government Finance is requiring political subdivisions in Indiana to establish a new and separate fund to receive the special LOIT distribution.
(B) The Hagerstown Town Council, in accordance with the requirements above, hereby desires to create a LOIT Special Distribution Fund.
(C) Per the direction given by the State Board of Accounts ("SBOA") in accordance with the terms of a memorandum dated April 22, 2016, ("SBOA SEA 67 Memorandum"), at least 75% of the special distribution must be deposited into fund 257 titled “LOIT Special Distribution” and used for infrastructure as found under I.C. § 6-3.6-9-17(h)(1)(A) with the remaining 25% able to be deposited into the general fund, into a properly created home rule fund, or into the rainy day fund and used for any purposes for the town.
(Ord. 4-2016, passed 6-6-2016)