HomeMy Public PortalAbout2004-08 - RAINY DAY FUNDCity of Greencastle
City Ball
One North Locust Street, P.O. Box 607
• Greencastle, Indiana 46135
765 - 653 -3100
ORDINANCE NO. 2004 -8
A GENERAL ORDINANCE ESTABLIS1 ZING A RAINY DAY FUND
BE IT ORDAINED BY THE COMMON COUNCIL OF THE CITY OF
GREENCASTLE, INDIANA:
SECTION 1. There is hereby created a non - reverting "Rainy Day Fund." The
Fund shall receive transfers of unused and unencumbered funds pursuant to Indiana Code
Section 36- 1 -8 -5.1 Version b, Rainy day fund; uses.
(a) The non - reverting Rainy Day Fund shall be established for the
purpose of cash management during times of economic downturn
and revenue shortfall. Any appropriation during an economic
downturn which is consistent with this general intent would be
appropriate (Attorney General Official Opinion 2003 -5).
(b) All monies collected under this Section shall be transferred to the
Greencastle City Clerk- Treasurer, who shall deposit the said funds
into the proper account. Disbursement of the funds shall be subject
to the same appropriation process as other funds that receive tax
• monies in accordance with Indiana Code 36- 1 -8 -5.1 (b). Monies
remaining in the fund at the end of the year shall not revert to any
other fund but shall continue in the Rainy Day Fund Fund.
(c) As the fiscal body of the City of Greencastle, the Greencastle
Common Council shall make a finding that the use of the Rainy
Day Fund is consistent with the "intent of the fund" before making
an appropriation.
(d) That said funds, after appropriation, shall be used by the City of
Greencastle to stabilize a budget during times of economic
downturn or revenue shortfall in accordance with Indiana Code 36-
1-8-5.1.
SECTION 2. This Ordinance shall be in full force and effect upon passage and
compliance with Indiana Code 36- 1- 8 -5.1.
The foregoing was passed by the Common Council of the City of Greencastle at its
Regular meeting on this / t day of At(,q 2004.
COMMON COUNCIL OF THE CITY OF GREENCASTLE
40
Nancy Michael Presiding Officer
Thomas W. Roach Russell W. Evans
Mar N. Hammer John Lame
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Rob &l Sedlack
ATTEST:
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Teresa P. Glenn, Clerk - Treasurer
Presen d by me to the Mayor of Greencastle, Indiana, this day of
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2004, at 0 o'clock p.m.
Teresa P. Glenn, Clerk- Treasurer
Approved and signed by me this day of 004, at SU
clock p.m.
' �tc
Nancy Mic ael, Presiding Officer
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