(A) Establishment. There is hereby established a Rainy Day Fund to receive transfers of unused and unencumbered funds raised by a general or special tax levy on taxable property within the town or from other distributions of excess balances of funds whenever the purpose of such taxes have been fulfilled and an unused and unencumbered balance remains or from special distributions from CAGIT or CEDIT funds or any other sources not prohibited by law.
(B) Use of funds. The funds on deposit in the Rainy Day Fund may be used for the operation of the town, when the town does not have sufficient levies to pay such costs, including, but not limited to, salaries and wages, costs of services, supplies, equipment, capital improvements, repairs and similar expenditures or to make temporary loans to other town funds.
(C) Deposit of funds. The town shall determine the amount, if any, of unused and unencumbered funds available to be transferred to the Rainy Day Fund and shall make such transfers according to the provisions set forth in IC 36-1-8-5 and 36-1-8-5.1, only upon adoption of an ordinance approving the said transfers.
(D) Expenditures. The town may authorize the expenditure of funds from the Rainy Day Fund by appropriations made in the same manner as other funds are appropriated that receive tax monies, upon making a finding that the proposed use of the funds is consistent with the intent of the fund.
(Ord. 2017-22, passed 12-27-17)