(A) A restricted non-reverting fund to be known as the Restricted LOIT Special Distribution Fund (Town Fund 257) (the “Fund”) is created, and the following stipulations and provisions shall apply to the Fund.
(B) (1) Expenditures from the Fund shall be limited to the restricted uses set forth below, shall first be appropriated in accordance with state law, and shall be approved by the Town Council.
(2) Restricted uses.
(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) The Fund shall be perpetual and non-reverting at each respective year end and shall continue in existence until terminated by a subsequent resolution or ordinance.
(Res. 2016-003, passed - -2016)