§ 35.48 LOIT SPECIAL DISTRIBUTION FUND.
   (A)   Creation and purpose of a LOIT Special Distribution Fund. There is hereby established a fund to receive and disburse funds for the express purposes stated by Indiana Statute (I.C. 6-3.6-9-17) as follows:
   (B)   The statute requires a one-time special allocation of the balance into a county's trust account to any county having a positive balance in its trust account as of December 31, 2014. Such allocation is to be made before the end of May, 2016, and provides that a taxing unit's allocation amount is to be determined in the same manner as a supplemental distribution would have generally been determined under the former income tax calculations.
   (C)   The statute further requires a special distribution of the allocation amount, and provides that at least 75% of the distributions made to a county, city, or town must be:
      (1)   Used exclusively for local road construction, maintenance, or repair, or capital projects for aviation, including capital projects of an airport authority; or
      (2)   Deposited in a rainy day fund and later used for those purposes.
   (D)   The statute further provides that any remaining distribution to a county, city, or town may be used for any purposes of the county, city, or town and requires the allocation amount for other taxing units to be deposited in the taxing unit's rainy day fund.
(Ord. 739, passed 5-23-2016)