There is hereby established Fund Number 257 titled “LOIT Special Distribution Fund.” The purpose of this fund shall be to receive a one-time special LOIT distribution from the State of Indiana. The fund proceeds shall be used in accordance with Senate Enrolled Act 67. Seventy-five percent of the one-time special distribution shall be used exclusively for infrastructure as specified in I.C. 6-3.6-9-17(h)(1)(A) and the remaining 25% will be non-restricted and may be used for any purpose by the town.
(Ord. 2016-06, passed 6-13-16)