(A) There is hereby created a special nonreverting fund to be known as the New Palestine LOIT Special Distribution Fund 257 into which are to be deposited 75% of all funds received from the Hancock County trust account distributed to Hancock County pursuant to I.C. 6-3.6-9-17 with the remaining 25% to be deposited into the New Palestine Rainy Day Fund.
(B) From said 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 matching 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. 060416, passed 6-4-2016)