(A) A Rainy Day Fund is hereby established in the town, to be known as the “Orland Rainy Day Fund” and shall be controlled according to the provisions of I.C. 36-1-8-5.1.
(B) The Town Rainy Day Fund shall consist of the unused and unencumbered balance that is remaining in a fund containing amounts raised by a general or special tax levy on all the taxable property of the town which has been transferred by the Town Council to the Town Rainy Day Fund. The Town Rainy Day Fund shall also consist of 25% of the one-time special distribution received by the town from the County Auditor pursuant to I.C. 6-3.6-9-17. The Clerk-Treasurer is instructed to deposit 25% of the one-time special distribution received from the County Auditor into the Town Rainy Day Fund, upon its receipt.
(C) The Rainy Day Fund is subject to the same appropriation process as other funds that receive tax money. Before making an appropriation from the Rainy Day Fund, the Town Council shall make a finding that the proposed use of the Rainy Day Fund is consistent with the intent of the fund.
(E) In any fiscal year, the Town Council may transfer not more than 10% of the town’s total budget for that fiscal year to the Rainy Day Fund.
(F) The Orland Rainy Day Fund shall operate with all the powers, obligations and privileges authorized under the Act as the same is presently in force and effect, or as it may be amended from time to time.
(Ord. 04-220, passed 9-13-2004; Ord. 2016-002, passed 5-9-2016)