(A) The “Motor Vehicle Highway Fund” (201) is hereby retained and shall be renamed “Motor Vehicle Highway Fund - Unallocated” (201) (the “Unallocated Fund”).
(1) The Unallocated Fund will receive 50% of all State Motor Vehicle Highway distributions received after June 30, 2017.
(2) The Unallocated Fund will retain any cash balance including investment income and interest as of June 30, 2017.
(3) The Unallocated Fund will receive all miscellaneous revenues related to either the Allocated Fund (as hereinafter defined) or the Unallocated Fund.
(4) The Unallocated Fund will be used for any legal expenditure of motor vehicle highway dollars.
(B) The “Motor Vehicle Highway Fund - Allocated” (250) (the “Allocated Fund”) is hereby created.
(1) The Allocated Fund will receive 50% of all State Motor Vehicle Highway distributions received after June 30, 2017.
(2) The Allocated Fund will be used solely for the construction, reconstruction and maintenance of highways as defined in I.C. 8-14-1-1.
(3) The Allocated Fund balances will remain in the fund and will not revert to the Unallocated Fund.
(4) The Allocated Fund balances will not be eligible for transfer to the Rainy Day Fund 245.
(1985 Code, § 2-7-2) (Ord. 2017-010, passed 6-22-2017)