HomeMy Public PortalAbout2016-07 - LOIT SPECIAL DISTRIBUTION FUND ORDINANCE 2016 -7
AN ORDINANCE CREATING THE LOIT SPECIAL DISTRIBUTION FUND
WHEREAS. Senate Enrolled Act 67 (SEA 67) provides for a supplemental distribution of local option
income taxes to counties and cities;
WHEREAS, pursuant to Indiana Code 6- 3.6 -9 -17, the distribution of funds has certain restrictions,
including creating a special fund and restricting how the funds can be used;
WHEREAS, the City is required to create and deposit at least 75% of the distribution in a 257 fund to
be used for road and street infrastructure.
NOW THEREFORE be it ordained by the Common Council of the City of Greencastle as follows:
1. The LOIT Special Distribution Fund 257 is created to account for the receipt and expenditure of the one-
time special distribution under Indiana Code 6- 3.6 -9 -17.
2. The LOIT Special Distribution Fund 257 will be used for infrastructure in accordance with Indiana Code 6-
3.6- 9- 17(h)(I )(A).
3. The City shall place 75% of the one -time distribution into the LOIT Special Distribution Fund 257. The
remaining 25% shall be placed in the City's Rainy Day Fund.
This Ordinance shall have full force and effect upon passage of the Greencastle Common Council and its
approval by the Mayor.
PASSED AND ADOPTED by the Common Council of the City of Greencastle. Indiana this eaay
of S .2016.
4.
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Ma N. a mer urray I
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eve Fields Gary Lemon • /
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S :cie Langdon
Approved and signed by me this 12' day of . 2016. at 2! '1S o'clock
.m.
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William A. Dory, Jr.. Mayor /
ATTEST:
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Lyn :. Dunbar. Clerk- Treasurer
A message from Vanguard
You could receive a lesser amount than requested due to market fluctuation. If the available amount
falls below your plan's required minimum amount as a result of market fluctuation, your request will be
rejected. In addition, if the available amount is more than 10% below the requested amount, your
request will be rejected. You can monitor your request on -line at Vanguard.com to confirm the
transaction details. If your request is rejected, you will also be notified by Vanguard via letter. You may
re -apply for a new loan once the market value is greater than your plan's required minimum or request
a lesser amount available based on your current market value if it exceeds your plan's required
minimum.
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