Per the direction given by the State Board of Accounts (“SBOA”) in accordance with the terms of the memorandum dated April 22, 2016 (SBOA Sea 67 Memorandum), at least 75% of the Special Distribution must be deposited into fund 257 titled LOIT Special Distribution and used for infrastructure as found under I.C. 6-3.6-9-17(h)(1)(A). The remaining 25% may be deposited into the general fund, into a properly created rainy day fund and used for any purposes of the town.
(Ord. 2016-2, passed 6-21-2016)