There is established and approved in the town a LOIT Special Distribution Fund. At least 75% of the money allocated and distributed must be used exclusively for infrastructure as specified in I.C. § 6-3.6-9-117(h)(1)(A) or deposited into the town’s Rainy Day Fund under I.C. § 36-1-8-5.1. The remaining 25% of the money allocated or distributed may be used for any purposes of the town. The fund shall be automatically abolished upon the expenditure of all available funds without further action of the Council.
(Ord. 2016-3, passed 6-20-16)