(A) Creation of the Rainy Day Fund. A new fund account, to be referred to as the “Rainy Day Fund,” and which is to be given a number or letter designation by the Clerk Treasurer as he or she deems appropriate, is created for use by the town.
(B) Authorized use of the Rainy Day Fund.
(1) The Fund will segregate and account for contributions and disbursements made pursuant to:
(a) I.C. 36-1-8-5 and 36-1-8-5.1 relative to funds raised by a general or special tax levy; or
(b) For other receipts of monies that are unappropriated and for which direction the Clerk Treasurer by the Town Board is given for receipt and disbursement of same into the Rainy Day Fund.
(2) Accounts maintained in the Fund are to be segregated as needed for appropriate administration. The Rainy Day Fund is nonreverting, i.e., balances will not be transferred into other funds, such as the General Fund, Local Road and Street or Motor Vehicle/Highway, and all monies deposited in the Rainy Day Fund may only be used for the purpose agreed upon by the Town Board.
(C) Duration and effective date. The provisions set forth in this section become and will remain in full force and effect (until their repeal by ordinance) on day of the passage and adoption of this section by signature of the executive in the manner prescribed by I.C. 36-4-6-15 and 36-4-6-16.
(Ord. 2004-02, passed 3-18-2004)