(A) The Town Council hereby establishes the Town County Economic Development Income Tax (CEDIT) Special Revenue Non-Reverting Fund (hereinafter the “Fund”), for the deposit, distribution and utilization of the county economic development income tax imposed, collected and distributed to the town by the Auditor of Lake County, Indiana, pursuant to the provisions of I.C. 6-3.5-7-1 et seq., as amended, which fund shall be a Special Revenue Non-Reverting Fund.
(B) The Town Clerk-Treasurer, upon receipt of distribution of the county public economic development income tax (CEDIT) funds distributed to the town pursuant to the applicable provisions of I.C. 6-3.5-7-1 et seq., shall deposit the funds into the Town County Economic Development Income Tax (CEDIT) Special Revenue Non-Reverting Fund established hereby for use for economic development in the town pursuant to the provisions of I.C. 6-3.5-7-1 et seq., as amended. Further, the funds deposited into the Town County Economic Development Income Tax (CEDIT) Special Revenue Non-Reverting Fund shall be appropriated and utilized for the economic development purposes permitted, as set forth in I.C. 6-3.5-7-13.1(b), as amended from time to time.
(C) Deposits and funds in the Town County Economic Development Income Tax (CEDIT) Special Revenue Non-Reverting Fund shall not revert to the General Fund at the end of each calendar year, but shall remain in the Town County Economic Development Income Tax (CEDIT) Special Revenue Non-Reverting Fund, as permitted by applicable law.
(D) The Town Clerk-Treasurer is directed and authorized to take all necessary and appropriate actions to establish and account for the funds collected from the county economic development income tax (CEDIT) distributed to the town by the Lake County Auditor for the purposes and uses of economic development in the town pursuant to the provisions of I.C. 6-3.5-7-13.1(b), all in conformance with applicable law.
(Ord. 231, passed 1-28-2014)