(A) The Motor Vehicle Highway Fund Unallocated (201) shall be renamed Motor Vehicle Highway Fund (201).
(1) The fund will receive 50% of all State of Indiana 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 revenues related to either Motor Vehicle Highway Fund or Motor Vehicle Highway Restricted Fund.
(4) The fund will be used for any legal expenditure of 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 of Indiana motor vehicle highway distributions after January 1, 2019.
(2) The Restricted fund will be used solely for the construction, reconstruction and preservation of highways as defined in I.C. 8-14-1-1-(4), 8-14-1-1(5) and 8-14-1-1(7), respectively.
('88 Code, § 2-6-5) (Am. Ord. 2019-3, passed 3-4-19)
Statutory reference:
Municipal allocations of the Motor Vehicle Highway Account Act, see I.C. 8-14-1-5