RESOLUTION 2016-06
A RESOLUTION TO ESTABLISH A FUND FOR SPECIAL LOIT DISTRIBUTIONS
PER I.C. 6-3.6-9-17
WHEREAS, Indiana Code 6-3.6-9-17, allocates a special distributions of excess funds within county trust accounts, and;
WHEREAS, at least 75% of the money allocated and distributed to a county’s, city’s, or town’s fiscal body must be used exclusively for infrastructure as specified in I.C. 6-3.6-9-17(h)(1)(A), and;
WHEREAS, Indiana’s Department of Local Government Finance is requiring political subdivisions in Indiana to establish a new and separate fund to receive the special LOIT distribution; and
NOW, THEREFORE BE IT RESOLVED by the Town Council of the Town of Churubusco that a new fund is hereby authorized to be established for the purpose of receiving and disbursing money associated with this special LOIT disbursement and shall be used only for purposes outlines within I.C. 6-3.6-9-17(h)(1)(A) and shall abide by all rules and regulations as prescribed by Indiana Code and State Board of Accounts policy.
DULY ADOPTED by the Town Council of the Town of Churubusco, Whitley County, State of Indiana this 18th day of May, 2016.
_______________________________ ATTEST:
Frank Kessler, Town Council President
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Bruce Johnson Madalyn Sade-Bartl, Clerk-Treasurer
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Mark Pepple
