(A) (1) Pursuant to I.C. § 36-1-8-5.1, there is hereby ratified, confirmed and continued a fund to be designated as the “Rainy Day Fund.”
(2) The Rainy Day Fund shall consist of and include:
(a) Unused and unencumbered funds under I.C. § 36-1-8-5;
(b) Distributions from the city's account held in the state general fund under:
1. I.C. § 6-3.5-1.1-21.1;
2. I.C. § 6-3.5-6-17.3
3. I.C. § 6-3.5-7-17.3; or
4. I.C. § 6-3.6-9-15;
(c) Any other legally available revenues, excluding tax increment (collectively, “city funds”).
(3) The Rainy Day Fund shall also consist of and include:
(a) NW Industrial TIF;
(b) Industrial Park TIF;
(c) East Styline TIF; and
(d) OFS TIF;
(4) Transferred from the NW Industrial Tax Allocation Fund, Industrial Park Tax Allocation Fund, East Styline Tax Allocation Fund or OFS Tax Allocation Fund, respectively, solely for the purposes set forth in I.C. § 6-3.6-9-17(h) for NW Industrial Road Projects, Industrial Park Road Projects, East Styline Road Projects or OFS Road Projects, respectively, by warrant drawn by the proper officers of the city upon vouchers of the Commission signed by the President or Vice-President of the Commission and attested by the Secretary of the Commission.
(B) The Common Council hereby establishes the following restricted funds for the transfer of tax increment from the Commission to the city for deposit into the corresponding Rainy Day Fund:
(1) Fund 265 Rainy Day Restricted - NW Industrial TIF Allocation Fund;
(2) Fund 265 Rainy Day Restricted - Industrial Park TIF Allocation Fund;
(3) Fund 265 Rainy Day Restricted - East Styline TIF Allocation Funds; and
(4) Fund 265 Rainy Day Restricted - OFS TIF Allocation Fund.
(C) (1) The Common Council hereby establishes the following restricted state grant funds:
(a) Local Road and Bridge Matching Grant Fund - NW Industrial TIF Allocation Fund;
(b) Local Road and Bridge Matching Grant Fund - Industrial Park TIF Allocation Fund;
(c) Local Road and Bridge Matching Grant Fund - East Styline TIF Allocation Fund; and
(d) Local Road and Bridge Matching Grant Fund - OFS TIF Allocation Fund;
(2) Solely for the deposit of matching grant funds received by the city for the NW Industrial Road Projects, Industrial Park Road Projects, East Styline Road Projects or OFS Road Projects, respectively, and the transfer of the local match funds from the corresponding Fund 265 Rainy Day Restricted - TIF Allocation Fund set forth in division (B) above.
(D) The Rainy Day Fund will be subject to the same appropriation process as other funds of the city that receive tax money, and prior to making an appropriation from the fund, the Common Council must find that the proposed use of the Rainy Day Fund is consistent with the intent of the fund.
(E) City funds held in the Rainy Day Fund may be spent for any corporate purpose of the city, and the specific purpose for any appropriation shall be set forth by an ordinance of the Common Council at the time of such appropriation.
(F) Monies held in the restricted funds established in division (B) are hereby committed solely as a match for matching grant funds and monies held in the restricted funds established in divisions (B) and (C) above are further restricted to uses authorized in I.C. § 36-7-14-39(b)(3), the transportation plan and the economic development plan for each economic development area.
(G) Any unused balance of tax increment held in the restricted funds established in division (C) above at the end of the grant shall be returned to the corresponding tax allocation fund held by the fiscal officer of the city as the Treasurer of the Commission.
(Ord. 2016-25, passed 7-26-2016)