(A) A fund is hereby established in the town to be known as the “LOIT Special Distribution Fund” for the purposed of receipting and accounting for the portion of the one-time special distribution being made pursuant to the Act, being I.C. 6-3.6-9-17 and which is required to be restricted. The Clerk-Treasurer is instructed to deposit 75% of the one-time special distribution received from the County Auditor into said fund upon its receipt.
(B) (1) The fund hereby established shall be used exclusively for:
(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 thoroughfare 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; and
(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; or as otherwise allowed by law.
(2) Such monies may be invested in accordance with I.C. 5-13-9 et seq. Proceeds from such investments may be deposited in accordance with I.C. 5-13-9 et seq.
(Ord. 2016-001, passed 5-9-2016)