A Rainy Day Fund is established as follows:
(A) Unused and unencumbered monies raised by a general or special tax levy remaining after its purposes have been fulfilled, including special income tax distribution, shall be deposited by the Clerk-Treasurer into the Rainy Day Fund.
(B) The intent of the Rainy Day Fund is to set aside monies that may be used by the city in the future for the benefit of the city and its citizens.
(C) (1) The Rainy Day Fund shall be subject to the same appropriation process as other funds that receive tax monies.
(2) No appropriation from the Rainy Day Fund shall be made unless and until the Common Council makes a finding that the proposed use of the monies to be appropriated is consistent with the intent of the fund.
(D) No transfer shall be made from any fund to the Rainy Day Fund except in accordance with the provisions of I.C. § 36-1-8-5 and I.C. § 36-1-8-5.1.
(Ord. 2004-05, passed 2-17-04)