(A) Establishment of the fund.
(1) There is established in the city the LOIT Special Distribution Fund (Fund 257).
(2) Said fund shall be a non-reverting fund of the city.
(B) Receipts and distributions from the fund.
(1) Upon the Clerk-Treasurer’s receipt of the LOIT Special Distribution proceeds from the Posey County Auditor, the Clerk-Treasurer shall deposit 75% of the amount received into the LOIT Special Distribution Fund (Fund 257).
(2) Funds held in Fund 257 may only be used for the purposes provided for in I.C. 6-3.6-9-17, which currently allows the following:
(a) Engineering, land acquisition, construction, resurfacing, maintenance, restoration, or rehabilitation of both local and arterial road and street systems;
(b) The payment of principal and interest on bonds sold primarily to finance road, street or thorough fare projects;
(c) Any local costs required to undertake a recreational or reservoir road project under I.C. 8-23-5;
(d) The purchase, rental, or repair of highway equipment;
(e) Providing a match for a grant from the local road and bridge matching grant fund under I.C. 8-23-30; or
(f) Capital projects for aviation related property or facilities, including capital projects of a Board of Aviation Commissioners established under I.C. 8-22-2 or an airport authority established under I.C. 8-22-3-1.
(3) Upon the Clerk-Treasurer’s receipt of the LOIT Special Distribution proceeds from the Posey County Auditor, the Clerk-Treasurer shall deposit 25% of the amount received into the city’s Rainy Day Fund to be used for any purpose allowable by law.
(C) This fund shall continue until terminated by ordinance.
(Res. 2016-7, passed 5-12-16)