9509-04 Amend Chapter 2, Article 14 - Entitled Rainy Day Fund (#102)

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tax dollars; as well as Indiana Code § 36-1-8-5 which addresses funds raised by a general or special tax levy which permits transfer of such funds into a rainy day fund and any other source allowed by the laws of the State of Indiana or which does not prohibit transfer of money to such rainy day fund. (d) Appropriation Required. The funds deposited into the Rainy Day Fund #102 shall be subject to the same appropriation process as other funds that receive tax money; however, before making an appropriation from Rainy Day Fund # 102, the Common Council shall be required to make a finding that the proposed use of such monies is consistent with the overall intent and purposes of this fund. (e) Maximum Amount. In any fiscal year, the City may transfer an amount not to exceed ten percent (10%) of the political subdivision's annual civil city budget for the fiscal year to the Rainy Day Fund #102. (f) Interest Earned. Any interest earned on monies in the Rainy Day Fund #102 shall be retained by the Rainy Day Fund #102. (g) Statutory Limitations. The City shall have, in all other respects, the authority and limitations with regard to its Rainy Day Fund #102 as prescribed by Indiana Code § 36-1-8-5.1, which addresses the establishment of a rainy day fund by a political subdivision and its uses. (h) Amendment and Termination. The Rainy Day Fund #102 shall continue until amended or terminated by ordinance. Unless indicated otherwise by ordinance, the proceeds of this fund at termination shall be deposited into the City's General Fund. Section II. This ordinance shall be in full force and effect from and after its passage by the Common Council and approval by the Mayor. Attest: Cle k Me ber, South Bend Common~Council Presented by me to the Mayor of the City of South Bend, Indiana on the 2 s `fit day of 2 6G , at L'.~ S o'clock _~. m. ~~,~u~, City Clerk i }