(A) There is hereby established a “Rainy Day Fund” for the Town of Winfield Department of Waterworks and Board of Waterworks, pursuant to the applicable provisions of I.C. § 36-1-8-5.1, et seq., as amended hereafter from time to time. The established Town Department of Waterworks Rainy Day Fund may be used to receive transfers of unused and unencumbered funds raised by a general or special tax levy on taxable property within the Town Municipal Water Utility District served by the Department of Waterworks and Board of Waterworks, whenever the purpose of such tax levy has been fulfilled and an unused and unencumbered balance remains, as well as for all other funds/transfers and uses as permitted by the applicable provisions of I.C. § 36-1-8-5.1, et seq., and any and all other applicable statutory authority, as amended hereafter from time to time. The Clerk-Treasurer shall establish the Town Department of Waterworks Rainy Day Fund consistent with the enabling authority of I.C. § 36-1-8-5.1 and the rules, regulations, and requirements of the Indiana State Board of Accounts, each as amended hereafter from time to time.
(B) The Rainy Day Fund established hereby is a non-reverting fund, as recognized by applicable law and the rules, regulations, and requirements of the Indiana State Board of Accounts, as each are amended hereafter from time to time. The Town Department of Waterworks Rainy Day Fund Account funds shall be used only as permitted by the provisions of I.C. § 36-1-8-5.1, and as approved and agreed upon by the Town Council and/or the Board of Directors of the Town Department of Waterworks in conformance with applicable law.
(Ord. 261, passed 5-24-2016)