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HomeMy WebLinkAboutD-2301-16 Non Reverting Fund for LOITSPONSOR: Councilor Worrell ORDINANCE D-2301-16 AS AMENDED AN ORDINANCE OF THE COMMON COUNCIL OF THE CITY OF CARMEL, INDIANA ADDING CHAPTER 2, ARTICLE 4, SECTION 145 TO THE CARMEL CITY CODE, THEREBY ESTABLISHING THE CITY OF CARMEL "LOIT SPECIAL DISTRIBUTION FUND (#257)" Synopsis: Ordinance creates a non -reverting fund for the restricted monies received from the special distribution of LOIT funds from the State Budget Agency. The monies in the fund are to be used only for infrastructure projects, as specified in Indiana Code 6-3.6-9-17(h)(1)(A). WHEREAS, pursuant to Indiana Code 36-4-6-18, the Common Council of the City of Carmel, Indiana is authorized to pass ordinances and resolutions regarding the control of the City's finances and the appropriation of money; and WHEREAS, pursuant to IC 6-3.6-9-17, the Indiana State Budget Agency made a one-time special distribution to cities, towns and counties from county trust accounts maintained under the former local income tax laws if the county trust account had a positive balance as of December 31, 2014 (the "Special Distribution"); and WHEREAS, IC 6-3.6-9-17(h)(1) stipulates that 75% of the monies received from the Special Distribution must be used exclusively for infrastructure as specified by 6-3.6-9-17(h)(1)(A); WHEREAS, in order to maintain accountability of the restricted funds made available by the Special Distribution, the State Board of Accounts has recommended that cities and towns create a non - reverting fund designated as fund #257 for receipt and distribution of the restricted funds from the Special Distribution; and WHEREAS, the creation and operation of such a fund is in the public interest. NOW, THEREFORE, BE IT ORDAINED by the Common Council of the City of Carmel, Indiana, as follows: Section 1: The foregoing Recitals are incorporated herein by this reference. Section 2: That Chapter 2,. Article 4, Section 145 is hereby added to the Carmel City Code and shall read as follows: "Sect. 2-145. LOIT Special Distribution Fund (#257) (a) There is established a City of Carmel "LOIT Special Distribution Fund (#257)". Version A — 6/30/16 — Finance, Utilities and Rules Committee This Ordinance was prepared by Jon Oberlander, Carmel Senior Assistant City Attorney, on 6/8/16 at 5:05 p.m. No subsequent revision to this Ordinance has been reviewed by Mr. Oberlander for legal sufficiency or otherwise. C:\usersyq„innwppData\.ocv\Microsoa\windows\remporary rntemet Fil,,\Content.Outldok\ZG7CRSHIVAMENDED LOIT Special Distribution Non reverting fund Ordinance C1ean.docx7ll8/2016 5:15 FM SPONSOR: Councilor Worrell Ordinance D-2301-16 Page One of Three Pages This Ordinance was prepared by Jon Oberlander, Carmel Senior Assistant City Attorney, on 6/8/16 at 5:05 p.m. No subsequent revision to this Ordinance has been reviewed by Mr. Oberlander for legal sufficiency or otherwise. C:\userssygninnWPPDacav ocai\Microsoa\windows\remParary intemet Files\Content.Outlook\ZG7CRSHI�A NDED LOIT Special Distribution Non reverting fund Ordinance Clean.docx7i18/2016 5:15 FM SPONSOR: Councilor Worrell (b) Monies in Fund #257 shall only be used for one of the following purposes: (1) engineering, land acquisition, construction, resurfacing, maintenance, restoration, or rehabilitation of both local and arterial road and street systems; (2) the payment of principal and interest on bonds sold primarily to finance road, street, or thoroughfare projects; (3) any local costs required to undertake a recreational or reservoir road project under IC 8-23-5; (4) the purchase, rental, or repair of highway equipment; (5) providing a match for a grant from the local road and bridge matching grant fund under IC 8-23-30; or (6) capital projects for aviation related property or facilities, including capital projects of a board of aviation commissioners established under IC 8-22-2 or an airport authority established under IC 8-22-3-1. (c) Monies in the LOIT Special Distribution Fund shall not be transferred into the General Fund except as provided by applicable law. (d) The Fund shall be administered by the City Engineer. Section 3. That the remaining provisions of Carmel City Code Chapter 2, Article 4, are not affected by this Ordinance and remain in full force and effect. Section 4. This Fund shall be identified as fund (#257). Section 5. If any portion of this Ordinance is for any reason declared to be unconstitutional or invalid, such decision shall not affect the validity of the remaining portions of this Ordinance so long as enforcement of same can be given the same effect. Section 6. This Ordinance shall be in full force and effect from and after its passage and signing by the Mayor and such publication as is required by law. Version A — 6/30/16 — Finance, Utilities and Rules Committee Ordinance D-2301-16 Page Two of Three Pages This Ordinance was prepared by Jon Oberlander, Carmel Senior Assistant City Attorney, on 6/8/16 at 5:05 p.m. No subsequent revision to this Ordinance has been reviewed by Mr. Oberlander for legal sufficiency or otherwise. c:\Users\jquinnWPPData\.ocal\Microsoe\windows\Temporary Internet Fil,Xontent.0utlook\ZG7CRSHI\AMENDED LOIT Special Distribution Non reverting fund Ordinance C1ean.docx7/18/2016 5:15 FM SPONSOR: Councilor Worrell PASSED by the Common Council of the City of Carmel, Indiana, this 0 day of , 2016, by a vote of ayes and I— nays. Presiding Officer COMMON COUNCIL FOR THE CIT OF CARMEL Kevin D. Rider - P&Uku---� Carol Schleif Bruce Kimball kA Laura Campbell ATTEST: C Chris in P ul , Ile reqs erp Ori �l L1,644 � lei. C7 / Presented/by me to the Mayor of the City of Carmel, Indiana this ! ��Pday of I / , 2016, at _ © 0 O'clock, M, ^ 10• Approved by me, the Mayor of the City of Carmel, Indiana, thii. at /IO'clock,--4-- --M 19- ATTEST: C . Christ*eiP uleny, l,�r reasu er �U4 C Version A — 6/30/16 — Finance, Utilities and Rules Committee Ordinance D-2301-16 Page Three of Three Pages surer e C of_ ,) �l ( 2016, Mayor This Ordinance was prepared by Jon Oberlander, Carmel Senior Assistant City Attorney, on 6/8/16 at 5:05 p.m. No subsequent revision to this Ordinance has been reviewed by Mr. Oberlander for legal sufficiency or otherwise. C:\users\jquinnWppData\Local\Mucroso@\windows\Temporarylntemet Fries\Content.Outlook\ZG7CRSHI\AMENDED LOIT Special Distribution Non reverting fund Ordinance C1ean.docx7/18i20165:15PM