(A) The Lake County Council establishes the Lake County Rainy Day Fund (Fund) pursuant to I.C. 36-1-8-5.1, to receive transfers of unused and unencumbered funds and any other funding source pursuant to I.C. 36-1-8-5.1(b)(2), and to receive funds from the one-time special distribution pursuant to SEA 67 (I.C. 6-3.6-9-17).
(B) The Lake County Council may transfer unused and unencumbered funds under this section pursuant to I.C. 36-1-8-5.1(d).
(C) The Lake County Rainy Day Fund shall be subject to the same appropriation process as all other funds that receive tax money.
(D) Appropriation may be made from the Rainy Day Fund by the Lake County Council only upon a finding that the proposed use of the appropriation is consistent with the intent of the Fund.
(E) The funds shall only be used for the following purpose:
(1) Infrastructure;
(2) Public works;
(3) Any other 400 Series Capital Expenditures.
(F) Up to 25% of the county's one-time special Distribution pursuant to I.C. 6-3.6-9-17 may be deposited in the Rainy Day Fund.
(Ord. 1397B, passed 6-14-2016)