§ 36.01. RAINY DAY FUND.

(A) The Town of Albany establishes a Rainy Day Fund to receive transfers of unused and unencumbered funds under:

(1) Funds raised by general or specific tax levies pursuant to I.C. 36-1-8-5;

(2) County adjusted gross income tax;

(3) County option income tax; and

(4) County economic development income tax.

(B) The town may transfer not more than 10% of the town’s annual budget for each fiscal year to the Rainy Day Fund.

(C) The purposed use of the Rainy Day Fund is for payment of any and all expenditures that may be appropriated from the General Fund to carry out the town’s business.

(D) The Rainy Day Fund is subject to the same appropriation process as other funds that receive tax money.

(E) Before making an appropriation from the Rainy Day Fund, the Town Board shall make a finding that the proposed use of the Rainy Day Fund is consistent with the intent of the funds which is to use the funds to benefit the town.

(F) The town may use only the funding sources specified in this section to fund the Rainy Day Fund unless the town adopts a subsequent ordinance authorizing the use of another funding source to fund the Rainy Day Fund.

(Ord. 2004-3, passed 2-23-04)