Notwithstanding I.C. 8-14-1 and 8-14-2, the town may transfer money distributed to the town from the motor vehicle highway account under I.C. 8-14-1; the local road and street account under I.C. 8-14-2; or the motor vehicle highway account under I.C. 8-14-1 and the local road and street account under I.C. 8-14-2 to any other town fund after the passage of an ordinance or a resolution by the Town Council that specifies the amount of the transfer, the funds involved, the date of the transfer and the general purpose of the transfer. However, the total amount of all money transferred by the town under this section may not exceed $40,000.
(I.C. 36-5-4-13(b)) (Prior Code, § 33.21)