§ 35.29. LOIT SPECIAL DISTRIBUTION FUND 257.

(A) The "LOIT Special Distribution Fund 257" is hereby established.

(B) Per I.C. § 6-3.6-9-17(h), the $362,776.82 shall be expended only upon an appropriation by the town's fiscal body as follows:

(1) At least 75% of the special distribution must be:

(a) Used exclusively by the town for:

1. Engineering, land acquisition, construction, resurfacing, maintenance, restoration or rehabilitation of both local and arterial road and street systems;

2. The payment of principal and interest on bonds sold primarily to finance road, street, or thoroughfares projects;

3. Any local costs required to undertake a recreational or reservoir road project under I.C. 8-23-5;

4. The purchase, rental, or repair of highway equipment;

5. Providing a match for a grant from the local road and bridge matching grant fund under I.C. 8-23-30; or

6. Capital projects for aviation related property or facilities, including capital projects of a board of aviation commissioners established under I.C. 8-22-2 or an airport authority established under I.C. 8-22-3-1.

(b) Deposited in the town's rainy day fund established under I.C. 36-1-8-5.1. The money deposited in a rainy day fund under this clause may not be appropriated from the rainy day fund or transferred to another fund under I.C. 36-1-8-5.1 (g), unless the money will be used exclusively for purposes set for in division (B)(1)(a)

(2) The remaining part of the special distribution may be used by the town for any of the purposes of the town.

(Ord. 2016-011, passed 6-27-16)