(A) The Fund 259 LOIT 2016 Special Distribution Fund is created. The source for this Fund is a special distribution of local option income tax pursuant to Senate Enrolled Act 67.
(B) Expenditures from this Fund are restricted to allowable purposes per I.C. 6-3.6-9-17(h)(1)(A) as follows:
(1) Engineering, land acquisition, construction, resurfacing, maintenance, restoration, or rehabilitation of both local and arterial road and street systems.
(2) The payment of principal and interest on bonds sold primarily to finance road, street, or thoroughfare projects.
(3) Any local costs required to undertake a recreational or reservoir road project under I.C. 8-23-5.
(4) The purchase, rental or repair of highway equipment.
(5) Providing a match for a grant from the local road and bridge matching grant fund under I.C. 8-23-30.
(6) Capital projects for aviation-related property or facilities, including capital projects of a board of aviation commissioners established under I.C. 8-22-2 or an airport authority established under I.C. 8-22-3-1.
(C) The Fund shall be subject to the same appropriation process as other municipal funds.
(Ord. 2016-03, passed 5-23-2016)