(A) The city shall, and does hereby establish a Rainy Day Fund in accordance with I.C. 36-1-8-5.1, as amended from time to time.
(B) This fund is being established due to the city receiving an excess COIT distribution from the state.
(C) At any time of the year, the Fiscal Officer may determine the amount, if any, of any unused and unencumbered funds available to be transferred to the Rainy Day Fund, which transfer may not exceed more than 10% of the city’s total budget for that fiscal year, and make a recommendation to the Mayor and Common Council.
(D) The funds on deposit in the Rainy Day Fund may be used for the operation of the city and its various departments, when the city does not have sufficient levies or funds to pay such costs, including, but not limited to, personal services, supplies, other services and charges, debt service, capital outlays and similar expenditures.
(E) The city may at any time transfer money that has been deposited in the Rainy Day Fund, by ordinance, to its general fund or any other appropriated funds of the city.
(F) This fund is subject to the same appropriation process as other funds that receive tax money and shall be spent when necessary with the approval of City Council.
(Ord. 8-2010, passed 2-16-10; Am. Ord. 25-2014, passed 11-17-14; Am. Ord. 20-2016, passed 11-7-16)