(A) There is hereby established for the town Fund 257, titled the “LOIT Special Distribution Fund” (the fund).
(B) The Clerk-Treasurer is directed to deposit into such fund all restricted portion of the distribution, being at least 75% of the special distribution received from Benton County.
(C) The Clerk-Treasurer is directed to deposit the unrestricted portion of the distribution in the General Fund, a properly created Home Rule Fund, or into the Rainy Day Fund, as determined by the Town Council.
(D) The restricted portion of the distribution shall be used only for infrastructure as found under I.C. 6-2.6-9-17(h)(1)(A), as set forth in Senate Enrolled Act 67. The Town Council shall approve the expenditure of all such restricted portion.
(Ord. 2016-0517A, passed 5-17-2016)