(A) There is hereby created a special nonreverting fund to be known as the McCordsville LOIT Special Distribution Fund #257 into which is to be deposited all funds received from the Hancock County trust account distributed to Hancock County pursuant to I.C. 6-3.6-9-17.
(B) From this nonreverting fund, the following expenditures may be paid:
(1) Engineering;
(2) Land acquisition;
(3) Construction, resurfacing, maintenance, restoration or rehabilitation of both local and arterial road and street systems;
(4) The payment of principal and interest on bonds sold primarily to finance road, street, or thoroughfare projects;
(5) Any local cost required to undertake a recreational or reservoir road project under I.C. 8-23-5;
(6) The purchase, rental, or repair of highway equipment;
(7) Providing a match for a grant from the local road and bridge matching grant fund under I.C. 8-22-3-1; or
(8) Deposited into the rainy day fund to be appropriated.
(Ord. 051016, passed 5-10-2016)