(A) A new Prince’s Lakes Town Fund, entitled the Allocated Motor Vehicle Highway Fund, is hereby created.
(B) Fifty percent of the town’s MVH distributions will be deposited in the town’s Allocated Motor Vehicle Highway Fund.
(C) Funds deposited in town’s Allocated Motor Vehicle Highway Fund may be spent only for the construction, reconstruction, repair, maintenance, oiling, sprinkling, snow removal, weed and tree cutting and cleaning of town highways, including also any curbs, and/or the town’s share of the cost of the separation of the grades of crossing of public highways and railroads, the purchase or lease of highway construction and maintenance equipment, the purchase, erection, operation and maintenance of traffic signs and signals, and safety zones and devices, and the painting of surfaces in highways for purposes of safety and traffic regulation or as otherwise may be permitted by the Indiana General Assembly.
(D) Funds deposited in town’s Allocated Motor Vehicle Highway Fund shall be spent, administered, tracked, and accounted for pursuant to I.C. 8-14-1-5, as may be amended, and as prescribed by the Indiana State Board of Accounts, from time to time.
(E) The town’s existing Motor Vehicle Highway Fund is hereby designated and retitled as the Unallocated Motor Vehicle Highway Fund, into which the balance of the town’s MVH distribution, meaning those funds not deposited in the town’s Allocated Motor Vehicle Highway Fund, will be deposited and administered.
(Ord. 397, passed 6-19-17)