HomeMy Public PortalAbout039-2016 - Special - Creating New Fund - 265 - Rainy Day - Restricted - TIF AllocationCOMMON COUNCIL OF THE CITY OF RICHMOND, INDIANA
ORDINANCE NO.39-2016
A SPECIAL ORDINANCE CREATING A NEW FUND (265) TO BE KNOWN AS THE
FUND 265 RAINY DAY RESTRICTED TIF ALLOCATION
WHEREAS, In accordance with directives from the Indiana State Board of Accounts
("SBOA") and HEA 1001-2016 (hereinafter, collectively, "SBOA mandates"),
monies from the funds known as Tax Incremental Financing ("TIF") Funds are
restricted to certain uses and require that the balances remain in the funds; and
WHEREAS, In accordance with said SBOA mandates, monies from said funds may be
transferred to the Rainy Day Fund if (1) monies from the funds are appropriated
from their respective funds for a Transportation Asset Management Plan; (2) the
amount appropriated is identified and directly committed within the plan (this
would serve as encumbrance of these funds from one budget year to the next); (3)
the unit's rainy day ordinance restricts these monies as committed match for the
grant; and (4) the unit's rainy day ordinance specifies that any committed unused
balance at the end of the grant is to be returned to the originating fund; and
WHEREAS, The SBOA has designated fund 265, titled "Rainy Day Restricted TIF Allocation"
for cities and towns, to ensure that the monies remain restricted and identifiable;
and
WHEREAS, The City of Richmond desires to establish the new 265 fund to transfer said funds
and to encompass any additional transfers that may be authorized 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 transfer and use of the
TIF Funds:
1. Rainy Day Restricted TIF Allocation - Fund Number 265
NOW, THEREFORE, be it also ordained by the Common Council of the City of
Richmond, Indiana, that said funds are restricted to the committed match of the Community
Crossing grant (known also through the SBOA as the "Local Road and Bridge Matching Grant
Fund").
NOW, THEREFORE, be it also ordained by the Common Council of the City of
Richmond, Indiana, that the TIF Allocation Fund match and the corresponding grant portion are
restricted to the statutory purposes of the TIF Allocation Fund and the Redevelopment Plan or
resolution.
NOW, THEREFORE, be it also ordained by the Common Council of the City of
Richmond, Indiana, that in the event there are any committed unused balances at the end of the
grant, said monies are to be returned to the originating fund.
Passed and adopted this Y' day o 2016, by the Common Council of
the City of Richmond, Indiana.
President
(Bruce Wissel)
ATTE
(Karen Chasteen, IAMC, MMC)
PRESENTED to the Mayor of the City of Richmond, Indiana, this day of ,
2016, at 9:00 a.m.
( aren Chasteen, IAMC, MMC)
APPROVED by me, David M. Snow, Mayor of the City of Richmond, Indiana, this day
of VLA 2016, at 9:05 a.m.
Mayor
ATTES