(A) There is now established in the Office of the Clerk-Treasurer a non-reverting fund to be known as the LOIT Special Distribution Fund.
(B) This Fund shall be subject to the following conditions:
(1) At least 75% of monies received in 2016 from a one-time special distribution of LOIT (local option income taxes) pursuant to I.C. 6-3.6-9-17 shall be accepted and deposited into the Fund.
(2) All disbursements made from this Fund shall be exclusively for the following purposes:
(a) Engineering, land acquisition, construction, resurfacing, maintenance, restoration, or rehabilitation of both local and arterial road and street systems;
(b) The payment of principal and interest on bonds sold primarily to finance road, street, or thoroughfare projects;
(c) Any local costs required to undertake a recreational or reservoir road project under I.C. 8-23-5;
(d) The purchase, rental, or repair of highway equipment;
(e) Providing a match for a grant from the local road and bridge matching grant fund under I.C. 8-23-30; or
(f) Capital projects for aviation related property or facilities, including capital projects of a Board of Aviation Commissioners established under I.C. 8-22-2 or an Airport Authority established under I.C. 8-22-3-1.
(C) These disbursements shall be made on the order of the Board of Public Works and Safety to the Clerk-Treasurer and payable upon presentation of proper claims as specified in § 30.40.
(Ord. 7, 2016, passed 5-23-2016)