(A) Creation of LOIT Special Distribution Fund. There is hereby established a LOIT Special Distribution Fund to receive a one-time special distribution required under SEA 67 from a county’s trust account maintained by the state.
(B) Purposes of the Fund. The funds on deposit in the LOIT Special Distribution Fund may be used for counties, cities and towns on the use of at least 75% of the special distribution received for infrastructure as found under I.C. 6-3.6-9-17(h)(1)(A). The remaining part may be used for any of the purposes of the county, city or town.
(C) Appropriations. The Town Council may authorize the expenditure of funds from the LOIT Special Distribution Fund by appropriations made in the same manner as other funds are appropriated that receive tax monies, upon making a finding that the proposed use of the funds is consistent with the intent of the Fund.
(Ord. 11-2016, passed 6-13-2016)