AN ORDINANCE APPROVING THE
CREATION OF THE ONE TIME CAGIT DRAW FUND
WHEREAS, the Town of Plainfield has previously received a one-time payment of approximately $1,306,086 in County Adjusted Gross Income Tax funds;
WHEREAS, the Town Council hereby desires to establish the One Time CAGIT Draw Fund, which fund shall be used for capital improvements in the Town of Plainfield as determined by the Town Council.
NOW, THEREFORE, BE IT RESOLVED BY THE TOWN OF PLAINFIELD, INDIANA, THAT:
Section 1. The Town Council hereby authorizes the creation of the One Time CAGIT Draw Fund as a capital improvements fund.
Section 2. The funds in the One Time CAGIT Draw Fund shall be expended only for the purpose of paying the costs of capital improvements in the Town.
Section 3. The One Time CAGIT Draw Fund shall be continued until all monies in such fund have been exhausted.
Section 4. The Town shall keep proper books of record and account, in which complete entries shall be made showing all monies in said fund, all disbursements made therefrom and all other financial transactions relating to said fund, including the cash balance in the fund as of the close of the preceding fiscal year.
Section 5. All actions taken by the Town Council with respect to the One Time CAGIT Draw Fund prior to the date hereof are hereby ratified and approved.
Section 6. This Ordinance shall be in full force and effect from and after its passage.
TOWN COUNCIL, TOWN OF PLAINFIELD
HENDRICKS COUNTY, INDIANA:
An Ordinance Annexing Certain Territory Contiguous To The Town Of Plainfield, Indiana, Placing The Same Within The Corporate Boundaries Thereof And Making The Same As Part Of The Town Of Plainfield And Redefining The Corporate Boundaries Of The Town Of Pl