(A) The City of Lawrenceburg shall, and does hereby create a new non-reverting fund to be known as the Local Road and Bridge Matching Grant Fund (the “Fund”) and to be given the fund number 506.
(B) The Fund shall receive monies from grant(s) awarded through INDOT as well as local matching funds of the City of Lawrenceburg transferred from the LOIT Special Distribution Fund, the Rainy Day Fund and/or any other funds authorized to be used for a local road and bridge project.
(C) The monies in the Fund shall be spent on any costs related to the Community Crossing grant projects that were approved for funding through INDOT including but not limited to personal services, supplies, other services and charges, debt service, capital outlays and similar expenditures.
(D) The Fund is subject to the same appropriation process as the other funds that receive tax money and shall be spent when necessary with the approval of Common Council.
(E) Upon completion of the Community Crossings Grant projects, any remaining balance composed of INDOT grants will be remitted back to the state. Additionally, any remaining balance composed of City matching funds will be transferred back to the fund in which they originated.
(Ord. 9-2017, passed 10-2-17)