(A) The Town Council of the Town of Sheridan, Hamilton County, Indiana, recognizes that a need now exists for the establishment of the ARP Coronavirus Local Fiscal Recovery Grant Fund (Fund 176), pursuant to IC 5-11.
(B) The Town Council of the Town of Sheridan hereby establishes the ARP Grant Fund with the understanding funds not used by December 31, 2024 will revert back to the issuing authority.
(C) The sources of funding for the newly established fund will include monies allocated to the town from the American Rescue Plan Act of 2021 (ARPA) and/or any subsequent deposit of funds which could or might be directed by state and federal agencies to said Fund. The monies within this Fund shall be used for eligible purposes of the ARPA.
(D) Funds receipted into this Fund will require an additional appropriation (Town Council) approval, and any expense must adhere to eligible purposes as detailed in § 603(c) of ARP as established in 2021 and to such amendments in said § 603(c) which could be forthcoming. The Clerk-Treasurer will also maintain detailed accounting records of the fund to provide for future audits of the ARP Fund.
(E) Management of the Fund shall be completed in adherence to processes and accounting procedures as detailed by the Indiana State Board of Accounts (SBOA) in State Examiner Directive 2021-1 and subsequent Memorandum dated March 18, 2021, and in accordance with place accounting procedures as approved through the SBOA and any and all subsequent directives through the SBOA.
(Ord. 2021-03, passed 4-26-21)