ORDINANCE 2004-01 OF THE TOWN COUNCIL OF
AN ORDINANCE ESTABLISHING A RAINY DAY FUND FOR THE TOWN OF LEO-CEDARVILLE, INDIANA
WHEREAS , the IC 36-1-8-5.1 authorizes the Town of Leo-Cedarville to establish a rainy day fund to receive transfers of unused and unencumbered monies whenever the purposes of a tax levy have been fulfilled and an unused and unencumbered balance remains; and,
WHEREAS , the Town Council has determined that it is in the best interests of the Town of Leo-Cedarville and its citizens that a rainy day fund be established for the purpose of accumulating funds for the operation of the municipality and its various departments if the Town is without sufficient levies or funds to pay such costs, including, but not limited to, salaries and wages, costs of services, supplies, equipment, capital improvements, repairs and similar expenditures.
NOW, THEREFORE, BE IT ORDAINED by the Town Council of the Town of Leo-Cedarville, Indiana:
A. Creation of Fund There is hereby established a “Rainy Day Fund” to receive transfers of unused and unencumbered funds raised by a general or special tax levy on taxable property of the Town of Leo-Cedarville whenever the purpose of such tax levy has been fulfilled and an unused and unencumbered balance remains.
B. Purposes of Fund The funds on deposit in the Rainy Day Fund may be used solely for the operation of the Town and its various departments, if the Town is without sufficient levies or funds to pay such costs, including, but not limited to, salaries and wages, costs of services, supplies, equipment, capital improvements, repairs and similar expenditures.
C. Transfers to Fund On or before December 31st of each year, the Clerk-Treasurer shall transfer the unused and unencumbered funds remaining from the general or special tax levy to the Rainy Day Fund. In any fiscal year, such transfer may not exceed ten percent (10%) of the town’s total budget for that fiscal year.
D. Appropriations From Fund The Town Council may authorize the expenditure of funds from the rainy day fund by appropriations made in the same manner as other funds that receive tax monies upon making a finding that the proposed use of the funds is consistent with the intent of the fund.
E. Non-Reverting Fund Monies deposited in the Rainy Day Fund shall not revert to other funds unless the Rainy Day Fund is terminated by ordinance of the Town Council. In the event that the Rainy Day Fund is terminated, any monies in the Rainy Day Fund are to be transferred by the City Controller to the General Fund.
F. This ordinance shall become effective upon its passage and upon its execution by the Town Executive (i.e. Town Council President) as attested by the Clerk-Treasurer.
Passed and adopted by the Town Council of the Town of Leo-Cedarville, Indiana on this
06 day of January , 2004.
| Cindy J. Kimm
Council Vice President
Attestation of Clerk-Treasurer
I, Pamela Spannuth, the Clerk-Treasurer for the Town of Leo-Cedarville, Indiana, hereby attest that the ordinance set forth above was adopted by the legislative body of the Town of Leo-Cedarville on January 6, 2003 and signed by the Executive for the Town of Leo-Cedarville, and properly executed in my presence on January 6, 2003 .
| Pam Spannuth