a. Establishment of Rainy Day Fund. There is hereby established a “Rainy Day Fund” for the Town of Schererville pursuant to the applicable provisions of I.C. 36-1-8-5.1 et seq., as amended hereafter from time to time. The established Town Rainy Day Fund may be used to receive transfers of unused and unencumbered funds raised by a general or special tax levy on taxable property within the Town whenever the purpose of such tax levy has been fulfilled and an unused and unencumbered balance remains, as well as for all other funds/transfers and uses as permitted by the applicable provisions of I.C. 36-1-8-5.1 et seq., and any and all other applicable statutory authority, as amended hereafter from time to time. The Clerk-Treasurer shall establish the Town Rainy Day Fund consistent with the enabling authority of I.C. 36-1-8-5.1, and the rules, regulations, and requirements of the Indiana State Board of Accounts, each as amended hereafter from time to time.
b. The Rainy Day Fund established hereby is a Non-Reverting Fund, as recognized by applicable law and the rules, regulations, and requirements of the Indiana State Board of Accounts, as each are amended hereafter from time to time. The Rainy Day Fund Account funds shall be used only as permitted by the provisions of I.C. 36-1-8-5.1, and as approved and agreed upon by the Town Council.
(Ord. No. 1889, §§ 1, 2, 8-10-16)