ORDINANCE   2   , 2004

 

AN ORDINANCE ESTABLISHING A RAINY DAY FUND.

 

WHEREAS, THE TOWN OF BUNKER HILL ON OCCASION RECEIVES OR HAS ON HAND CERTAIN UNUSED AND UNENCUMBERED FUNDS FROM TAX LEVIES AND SUPPLEMENTAL DISTRIBUTIONS OF COLT AND CEDIT MONIES; AND

WHEREAS, THE CLERK/TREASURER IS REQUIRED TO ACCOUNT FOR SAID TRANSFERS UNDER IC 36-1-8-5; AND

WHEREAS, THERE EXISTS A REQUIREMENT UNDER IC 36-1-8-5(b) THAT MANDATES THE ESTABLISHMENT OF A RAINY DAY FUND; AND

THEREFORE BE IT ORDAINED THAT THE TOWN COUNCIL OF THE TOWN OF BUNKER HILL ESTABLISHES SUCH A FUND.

ARTICLE I.   FUND RECEIPTS.

  1. All receipts of revenue from tax levies that have been fulfilled and there exists unused and unencumbered fund balances not transferred to the General Fund shall be deposited into the Rainy Day Fund.

  2. All supplemental distributions of COIT, under IC 6-3.5-6-17.3; and CEDIT, under IC 6-3.5-7-17.3 shall be deposited into the Rainy Day Fund.

  3. Transfers to said Rainy Day Fund shall not exceed ten percent (10%) of the annual budget for that fiscal year.

  4. IC 36-1-8-5.1 designates the Rainy Day Fund to be non-reverting.

ARTICLE II.   FUND DISBURSEMENTS.

  1. Funds received under Article I of this ordinance shall be disbursed to one or more of the following accounts:

    1. Capitol Improvements.

    2. Equipment Replacement Fund.

    3. Unsafe Building Fund.

  2. Disbursement of Rainy Day Funds is subject to the same appropriation process as any fund receiving tax monies and shall not be used to reduce the actual or maximum permissible levy of the Town of Bunker Hill.

ARTICLE III.   EFFECTIVE DATE.

This ordinance is effective upon approval.

ARTICLE IV.   APPROVAL.

THIS ORDINANCE WAS DULY ADVERTISED AND APPROVED BY THE TOWN COUNCIL OF THE TOWN OF BUNKER HILL, MIAMI COUNTY, INDIANA AFTER A PUBLIC HEARING ON THE   11   DAY OF   May   , 2004.

 
ATTEST:
 
 
  Norman A. McBride      
Norman McBride, Clerk/Treasurer 		                               
 
  Leslie H. Briggs        
      Leslie H. Briggs, President

  Doris Gingerich        
      Doris Gingerich, Member

   

 
  Byron Kosanke         
      Byron Kosanke, Member

  Daryl Mosley            
      Daryl Mosley, Member

  M. Floyd                    
      Marilyn Floyd, Member