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Ordinance - LOIT Special Distribution

TOWN OF WOLCOTT, WHITE COUNTY, INDIANA

ORDINANCE NO. 2016-05


AN ORDINANCE TO ESTABLISH FUND 257 IN CONNECTION TO THE LOIT SPECIALDISTRIBUTION PURSUANT TO SEA 67


WHEREAS, on April 29, 2016 the Clerk-Treasurer for the Town of Wolcott (the “Town”) received a one (1) time special distribution per SEA 67 in the amount of $49,240.11 (the “Special Distribution”);


WHEREAS, per the direction given by the State Board of Accounts (“SBOA”) in accordance with the terms of a memorandum dated April 22, 2016(“SBOA SEA 67 Memorandum”), at least seventy-five percent (75%) of the Special Distribution must be deposited into Fund 257 titled LOIT Special Distribution and used for infrastructure as found under IC 6-3.6-9-17 (h)(1)(A).

The remaining twenty-five percent (25%) may be deposited into the General Fund, into a properly created Home Rule Fund, or into the Rainy Day Fund and used for any purposes of the town.


NOW THEREFORE, BE IT ORDAINED by the Town Council of the Town of Wolcott, that Fund257 be established and that the funds received as part of the Special Distribution be allocated as followed:


Seventy-fivepercent (75%) be placed intoFund 257 and shall be used for infrastructure as stated in IC 6-3.6-9-17 and;


Twenty-five percent(25%) be placed into the Town of Wolcott Rainy Day Fund and be used as allowed per Town of Wolcott Ordinance No. 2004-01.


DULY ORDAINED and ADOPTED this ____ day of _______________, 2016, by the Town

Council of the Town of Wolcott, County of White, Indiana.



TOWN COUNCIL of the TOWN of WOLCOTT, INDIANA


______________________________ _____________________________

Marsha L. Mackey, President Michael A. Yelton, Vice President



______________________________ ______________________________

Richard A. Lynn, Member Fred A. Young, Member



______________________________

Steven B. Gordon, Member


ATTEST:



_____________________________

Tammy L. Seward, Clerk-Treasurer

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