(A) A fund is hereby established, within the various funds of the town, to be known as the Local Road and Streets Matching Grant Fund, which shall be maintained by the Clerk-Treasurer.
(B) Monies shall be deposited into the fund as follows: In each calendar year, during the existence of the Local Road and Streets Matching Grant Fund, all monies received from the Indiana Department of Transportation shall be deposited into the fund.
(C) Monies in the fund shall be maintained by the Clerk-Treasurer and paid out only as may be appropriated by the Town Council.
(D) Monies from this fund may be appropriated by the Town Council for the following purposes: For any road construction purpose pursuant to I.C. 8-23-30-2.
(Ord. 2018-002, passed 6-18-2018)