HomeMy WebLinkAboutD-1535-01 Est Rainy Day FundSPONSOR(S): Councilor Koven
ORDINANCE NO. D-1535-01
AN ORDINANCE OF THE COMMON COUNCIL OF THE CITY OF CARMEL, INDIANA,
ESTABLISHING CITY "RAINY DAY FUND" AND ADDING CHAPTER 2, ARTICLE 4,
SECTION 2-124.4 TO THE CARMEL CITY CODE
WHEREAS, Indiana Public Law 251-2001 permits a political subdivision to establish a "rainy
day fund"; and
WHEREAS, it is in the public interest to establish and make available to the City such a fund; and
WHEREAS, the City of Carmel Common Council desires to establish such a fund.
NOW, THEREFORE, BE IT ORDAINED by the Common Council of the City of Cannel,
Indiana, as follows:
Section I: The foregoing Recitals are fully incorporated heroin by this reference.
Section Ih The "City of Cannel Rainy Day Fund" should be and is hereby established in
accordance with Indiana Public Law 251-2001.
Section III: Chapter 2, Article 4, Section 2-124.4 of the Cannel City Code is hereby created,
adopted and enacted in order to establish the "City of CarmeI Rainy Day Fund," and shall read as follows:
"Sec. 2-124.4 The City of Carmel Rainy Day Fund.
a. There is hereby established a "City of Carmel Rainy Day Fund."
b. The Fund shall consist solely of unused and unencumbered balances in
other City funds of monies that are received by the City as a result of a
general or special tax levy on taxable property located within the City, and
that are transferred to the City of Carmel Rainy Day Fund.
c. The monies transferred by the City into the Fund during any fiscal year
shall not exceed ten percent (10%) of the City's budget for that fiscal year.
d. All monies transferred by the City to or from the Fund shall be transferred
pursuant to a Common Council resolution."
Section IV. All prior ordinances or parts thereof inconsistent with any provision of this Ordinance
are hereby repealed as of the effective date of this Ordinance.
Section V. 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.
Page One of Two Pages
Prepared by Douglas C. Haney, Carreel City Attorney
SPONSOR(S): Councilor Koven
Section VI. 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.
PASSED by the Common Council of the City of Carmel, Indiana, this/t/ d~dy of J~/CJlfl×~'_UC
,2001, by a vote of ~-~;' ayes and 3% nays.
./din~g COMMON.C~I;NCIL FOR THE CITY OF CARMEL, 1N NA _-.
oven ,
n er ~
ATTE~4_' ~ 4
Diana L. Cordray, iAMC, ~surer
.~;;%~.ted by me ,o the Mayor of the C,ty of C~e,, ~ndi~,.L~.of ,'~'
__., 2001. J~ain~d, M~yo~ "'~
ATTE~%fi~( -,
Diana L. Cordray, IALC, C~lreasurer
Ordinance No. D-1535-01
Page Two of Two Pages
Prepared by Douglas C. Haney, Carmel City Attorney