(A) Establishment. There is hereby authorized, created and established a fund of the town, to be called the Community Crossing Grant Fund, pursuant to I.C. 36-1-8-12 and 36-1-3, to provide matching grants up to local governmental limits for eligible properties.
(1) The Community Crossing Grant Fund is dedicated and established for accumulating, accounting for, and to provide resources to support lawful purposes of the municipality, and such purposes as are consistent with the transportation asset management plan that has been approved by LTAP, INDOT, and the objectives of the Local Road and Bridge Matching Grant Fund.
(2) Money transferred into and deposited in the fund created by this section from the LOIT Special Distribution Fund under I.C. 6-3.6-9-17, the town’s Rainy Day Fund under I.C. 36-1-8-5.1, and such other local matching resources lawful for application to a particular project, money derived from state matching or reimbursement grants, particularly those from the Local Road and Bridge Matching Grant Fund, and other matching funds lawful according to the terms of such grant.
(3) The Community Crossing Grant Fund is established and remains in effect until such time as the fund is repealed or rescinded by action of the Town Council.
(B) Purposes; uses and permissible expenditures. Expenditures from the Community Crossing Grant Fund shall be used exclusively for the following purposes.
(1) To pay for engineering, land acquisition, construction, resurfacing, maintenance, restoration, or rehabilitation for local roads and street systems as authorized or provided for by guidelines established and approved by the Community Crossing Grant program.
(2) Expenditures from the Community Crossing Grant Fund may be made only upon appropriation by the fiscal body for the purpose for which the fund is specifically established. Disbursements will be made on approved accounts payable vouchers allowed by the legislative body.
(3) In the event there is unused and unencumbered cash on deposit to the credit of the Community Crossing Grant Fund after completion of the funded project, the Town Council shall cause the transfer of the state's share of the remaining unused and unencumbered cash to the Treasurer of the State for deposit in the Local Road and Bridge Matching Grant Fund; and the Town Council shall cause the transfer of its pro rata share of the remaining unused and unencumbered cash to the General Fund.
(Ord. 2018-2, passed 2-19-18)