ORDINANCE 2016-2 AN ORDINANCE OF THE TOWN COUNCIL OF THE TOWN OF NORTH SALEM ESTBLISHING A "LOIT SPECIAL DISTRIBUTION FUND" PURSUANT TO IC 6-3.6-9-17 WHEREAS, pursuant to IC 6-3.6-9-17, the Town of North Salem has received a one-time special distribution from the Local Option Income Tax trust; and WHEREAS, the statute specifies that 75% of this distribution must be used for specific purposes as outlined by the statute; and WHEREAS, it is necessary for the Town to establish a LOIT Special Distribution Fund to receive and account for the restricted portion of this one-time special distribution of the Local Option Income Tax trust. NOW, THEREFORE BE IT ORDAINED, by the powers vested in the Town Council of the Town of North Salem, Hendricks County, Indiana, that: Section 1. Creation of LOIT Special Distribution Fund. There is hereby established a "LOIT Special Distribution Fund" to receive and account for the restricted portion of the one-time LOIT Special Distribution. Section 2. Purpose of the Fund. The funds on deposit in the LOIT Special Distribution Fund may be used solely for the purposes specified in IC 6-3.6-9-17 (h)(1)(A). Section 3. Appropriations. The Town Council of the Town of North Salem may authorize the expenditure of funds for the LOIT Special Distribution Fund by appropriations made in the same manner as other funds are appropriated that receive tax monies. Section 4. EFFECTIVE DATE. This Ordinance shall be in full force and effect from and after the date of its passage. SAID ORDINANCE IS HEREBY PASSED AND ADOPTED THIS 4th day of August, 2016. Michael Selch Town Council President Rebecca Compton Town Council Vice-President Mike Russell Town Council Member (Constituting a majority of the members of the Town Council of the Town of North Salem, Indiana) ATTEST: Beth Russell Clerk-Treasurer for the Town of North Salem, Indiana HCF-616 08/10 #1225318 hspaxlp
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