(A) There is hereby created a Rainy Day Fund.
(B) Transfers to the Rainy Day Fund must be made after the last day of the town’s fiscal year (now December 31) and before March 1 of the following calendar year, or as otherwise provided in I.C. 36-1-8-5 as amended from time to time.
(C) Whenever the purposes of a general or special tax levy have been fulfilled and an unused and unencumbered balance remains in the fund, the Council shall by resolution direct the balance of that fund to be transferred into the Rainy Day Fund. In any fiscal year, the Town Council may transfer not more than 10% of the town’s total budget for that year into the Rainy Day Fund. The Clerk Treasurer shall be responsible for submitting a proposed resolution to the Town Council for the transfers into the Rainy Day Fund.
(D) The Rainy Day Fund shall be used for those purposes as the Council, by written resolution, deems appropriate and proper.
(E) Transfers from the Rainy Day Fund are subject to the same appropriation process as other funds that receive tax money.
(Ord. 04-02, passed 1-13-04)