ORDINANCE NO. 2016-03
 

 

AN ORDINANCE TO ESTABLISH
A LOIT SPECIAL DISTRIBUTION FUND

 
 
This Ordinance establishes a LOIT Special Distribution Fund per State Board of Accounts guidance to account for the one-time distribution pursuant to Senate Enrolled Bill 67 effective
July 1, 2016.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
________ Recorder’s Office        ________ Publish Public Hearing
________ Auditor’s Office        ___________________________
________ Clerk’s Office        ________ Publish O/R after adoption
__ Other:          ___________________________
                 
 
 

                                        

AN ORDINANCE TO ESTABLISH
A LOIT SPECIAL DISTRIBUTION FUND
WHEREAS, Senate Enrolled Bill 67 (SEA 67) provides for a supplemental distribution of local income taxes when the balance in a county’s local income tax trust account exceeds 15% of the certified distributions to be made to the county; and
WHEREAS, counties, cities and towns have restrictions on the use of at least 75% of the special distribution received for infrastructure as found under IC § 6-3.6-9-17(h)(1)(A); and
WHEREAS, the unrestricted part of the distribution may be deposited into the general fund, into a properly created home rule fund, or into the rainy day fund to be used for any of the purposes of the county, city, or town; and
WHEREAS, the State Board of Accounts has designated Fund 257, titled LOIT Special Distribution Fund to receipt and account for the restricted portion of the distribution; and
WHEREAS, the Clerk-Treasurer of the Municipal City of Auburn shall establish the LOIT Special Distribution Fund.
NOW THEREFORE, BE IT ORDAINED BY THE COMMON COUNCIL OF THE CITY OF AUBURN, INDIANA:

Section I.

The Clerk-Treasurer of the Municipal City of Auburn shall establish a LOIT Special Distribution Fund.
 
Section II.  
 
The fund shall be an appropriated fund.
 
Section III.
 
The purpose of the LOIT Special Distribution Fund shall be for receipt of money from supplemental distribution of local income taxes when the balance in a county’s local income tax trust account exceeds 15% of the certified distributions to be made to the county and said monies shall be used in accordance with IC § 6-3.6-9-17(h)(1)(A).
 
BE IT FURTHER ORDAINED that this Ordinance be in full force and effect from and after its passage by the Common Council and signing by the Mayor.
 
PASSED AND ADOPTED by the Common Council of the City of Auburn, Indiana, this _____ day of _____________________, 2016.
           _____________________________
           James Finchum, Councilmember
ATTEST:
___________________________
Patricia M. Miller, Clerk-Treasurer
 
Presented by me to the Mayor of the City of Auburn, Indiana, this ___ day of __________, 2016.
 
           ____________________________
           PATRICIA M. MILLER, Clerk-Treasurer
 
 
APPROVED AND SIGNED by me this _____ day of _________________, 2016.
 
           
           _____________________________
           NORMAN E. YODER, Mayor
 
 

VOTING:            AYE      NAY
 
Dennis Ketzenberger
 

James Finchum
 
 
Todd Sanderson
 
 
Dennis (Matthew) Kruse, II
 

Michael Watson
 
 
Kevin Webb
 
 
Michael Walter
 

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