§ 32.05 RAINY DAY FUND.

   (A)   There is hereby established the Town Rainy Day Fund.

   (B)   The Town Rainy Day Fund is to be spent for such purposes as lawful and to protect the public health, welfare or emergency needs of the town.

   (C)   This Fund takes effect upon approval by the State Board of Tax Commissioners.

   (D)   The town Rainy Day Fund may be funded by distributions of County Adjusted Gross Income Tax (CAGIT) funds, County Economic Development Income Tax (CEDIT) funds or County Option Income Tax (COIT) funds, as well as:

      (1)   Unused and unencumbered funds under:

         (a)   I.C. 36-1-8-5;

         (b)   I.C. 6-3.5-1.1-21.1;

         (c)   I.C. 6-3.5-6-17.3; or

         (d)   I.C. 6-2.5-7-17.3.

      (2)   Any other funding source:

         (a)   Specified in any ordinance or resolution adopted under I.C. 36-1-8-5.1; and

         (b)   Not otherwise prohibited by law.

(Ord. 2004-03, passed 3-1-2004; Ord. 2012-0515A, passed 5-15-2012)

Editor’s note:

   I.C. 6-3.5-1.1-21.1 was repealed by 2015 Public Law 243, § 1.

   I.C. 6-3.5-6-17.3 was repealed by 2015 Public Law 243, § 7.