HomeMy Public PortalAbout028-2016 - Speical Ordinance - Creating New Fund - 257 - LOITCOMMON COUNCIL OF THE CITY OF RICHMOND, INDIANA
ORDINANCE NO.28-2016
A SPECIAL ORDINANCE CREATING A NEW FUND (257) TO BE KNOWN AS
THE LOCAL OPTION INCOME TAX (LOIT) SPECIAL DISTRIBUTION FUND
WHEREAS, In accordance with directives from the Indiana State Board of Accounts
("SBOA") and SEA 67 (hereinafter, collectively, "SBOA mandates"), a
special one-time distribution was required to be disbursed to the City of
Richmond, Indiana ("City"), prior to June 1, 2016, equal to the City's
allocation amount of the City's portion of the former Local Option Income
Tax ("LOIT") funds distributed through the Wayne County trust account
maintained by the State of Indiana; and
WHEREAS, In accordance with Indiana Code (IC) 6-3.6-9-17(h) that restricts the use of
the special distribution funds, the City of Richmond plans to use the entirety
of the funds for road projects; and
WHEREAS, The SBOA has designated fund 257, titled "LOIT Special Distribution" for
cities and towns, to receipt and account for certain restricted portions of the
distribution and said 257 fund may be retroactively approved by cities and
towns notwithstanding other SBOA mandates directing certain restricted
funds to be disbursed into the City's rainy day fund for the Richmond
Sanitary District; and
WHEREAS, The City of Richmond desires to establish the new 257 fund to retain the
proceeds recently received and to encompass any additional disbursements
which may be distributed in accordance with SBOA mandates.
NOW, THEREFORE, be it ordained by the Common Council of the City of Richmond,
Indiana, that the following new fund be created and established for the collection and
disbursement of said special one-time distribution of former Local Option Income Tax
("LOIT") funds:
1. LOIT Special Distribution — Fund Number 257
Passed and adopted this �d day of 2016, by the Common
Council of the City of Richmond, Indiana.
i
President
(Bruce Wissel)
ATTE
(Karen Chasteen, IAMC, MMC)
ESENTED to the Mayor of the City of Richmond, Indiana, thiso-� / day of
2016, at 9:00 a.m.
(Karen Chasteen, IAMC, MMC)
APPROVED by me, David M. Snow, Mayor of the City of Richmond, Indiana, this
Z day of �J r r , 2016, at 9:05 a.m.
Mayor
avid M. S11
ATTE
S�Karen Chasteen, IAMC, MMC)