(A) The Common Council of the City of Rushville shall establish a “Rainy Day Fund.”
(B) The Rainy Day Fund applies to all funds raised by general or special tax levy on all the taxable property of the city pursuant to current I.C. 36-1-8-5-5 and I.C. 36-1-8-5.1.
(C) The funds shall consist solely of the unused and unencumbered balances in other city funds of monies that are received by the city as the result of a general or special tax levy on taxable property located within the city and that are transferred to the city Rainy Day Fund.
(D) The monies transferred by the city into the fund during any fiscal year shall not exceed 10% of the city’s annual budget for that fiscal year.
(E) All monies transferred by the city to or from the fund shall be transferred pursuant to this section.
(F) Transfers to the city’s Rainy Day Fund must be made after the last day of the fiscal year and before March 1 of the subsequent calendar year.
(G) The Rainy Day Fund is subject to the same appropriation process as other funds that receive tax money, and the Common Council, being the fiscal body, shall make a finding that the proposed use of the Rainy Day Fund is consistent with the intent of the fund.
(Ord. 2004-9, passed 4-20-2004)