(A) There is hereby established the City of Marion Rainy Day Fund.
(B) The Fund shall be funded by funds raised by general or special tax levy under I.C. 36-1-8-5 or by supplemental distributions made by the Indiana Department of Revenue from various county accounts under I.C. 36-1-8- 5.1(b)(2)(A).
(C) Pursuant to I.C. 36-1-8-5.1(c), no more than 10% of the city’s total budget may be reserved in the Rainy Day Fund in any given year.
(D) (1) Funds accumulated in the City of Marion Rainy Day Fund will be used for:
(2) To stabilize the city’s budget during times of economic downturn and may be used for the operation of the city or any of it’s departments including but not limited to, salaries, wages, costs of services, supplies, equipment, capital improvements, maintenance or other similar expenditures.
(Ord. 41-2008, passed 12-16-2008)