(A) Fund established. The Town of Long Beach, Indiana, does hereby establish a cumulative non-reverting Major Moves Construction Fund.
(B) Source of funds. All funds in the Major Moves Construction Fund shall be funded by revenue distributed to the town pursuant to IC 8-14-14-6 and IC 8-14-16-3.
(C) Administration of Fund. Funds received by the town and deposited in the Major Moves Construction Fund shall be used and dedicated by the Town Council for uses as set forth in IC 8-14-6-5, including any amendments thereto as follows:
(1) Construction of highways, roads and bridges.
(2) As long as LaPorte County is a member of the Northwest Indiana Regional Development Authority, Fund money may be expended for any purpose for which the Regional Development Authority may expend money under IC 36-7.5.
(3) Provide funding for economic development projects as defined in IC 6-3.5-7-13.1(c)(1) or IC 6-3.5-7-13.1(c)(2)(A) through 6-3.5-7-13.1(c)(2)(K).
(4) Provide matching funds for federal grants for any of these permissible uses of Major Moves Construction Fund money.
(5) Provide funding for interlocal agreements under IC 36-1-7 for any of these permissible uses of Major Moves Construction Fund money.
(Ord. 0702, passed 2-12-07)