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(A) Establishment. As determined by Senate Enrolled Act 67, the need exists for the establishment of a LOIT Special Distribution Fund.
(B) Expenditures. Expenditures from the Fund are restricted to allowable purposes as follows:
(1) Engineering, land acquisition, construction, resurfacing maintenance, restoration, or rehabilitation of both local and arterial road and street systems.
(2) Payment of principal and interest on bonds sold primarily to finance road, street, or thoroughfare projects.
(3) Local costs required to undertake a recreational or reservoir road project under IC 8-23-5.
(4) Purchase, rental or repair of highway equipment.
(5) Providing a matching grant from the local Road and Bridge Matching Grant Fund under IC 8-23-30.
(6) Capital projects for aviation related property or facilities, including capital projects of a board of aviation commissioners established under IC 8-22-2 or an airport authority established under IC 8-22-3-1.
(Ord. 2016-3, passed 6-13-16)