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RESOLUTION , 2016 <br />A RESOLUTION ESTABLISHING LOCAL OPTION <br />INCOME TAX SPECIAL DISTRIBTUION FUND <br />WHEREAS, the Town Council, as the legislative body for the <br />Town of Mooresville, is responsible for setting the budget for <br />the Town; <br />WHEREAS, compliance with the Indiana Code is required for <br />the statutory procedures and for the accounting of funds <br />distributed pursuant to IC 6-3.6-9-17 "Local Option Income Tax <br />Special Distribution Fund" (herein after "LOIT Special <br />Distribution Fund"); <br />WHEREAS, certain restrictions are set out in the Senate <br />Enrollment Act 67-2016 which added IC 6-3.6-9-17; <br />WHEREAS, the Town of Mooresville is required to set up a <br />LOIT Special Distribution Fund for the receipt of the seventy- <br />five percent (75%) distributive share which must be placed in <br />the LOIT Special Distribution Fund and subject to the <br />restrictions; <br />NOW, BE IT HEREBY RESOLVED that the LOIT Special <br />Distribution Fund for the Town of Mooresville is hereby <br />established; <br />BE IT FURTHER RESOLVED that the funds placed in the LOIT <br />Special Distribution Fund shall be restricted in their use to be <br />compliant with IC 6-3.6-9-17(h)(1)(A) for expenditures for <br />