Ordinance No. 1081

WHEREAS, the Town of Speedway, Indiana (the "Town") has established the Cumulative Capital Improvement Fund (the "CCI Fund"), pursuant to Ordinance No. 341, adopted by the Town Council of the Town on October 11, 1965, and the Acts of 1965; and

WHEREAS, the Town has since designated the CCI Fund to be the Cumulative Capital Development Fund (the "CCD Fund") and made expenditures from the fund consistent therewith; and

WHEREAS, the Town Council desires to formally broaden the usage of the CCI Fund to be consistent with the CCD Fund and establish the uses for which the fund may be expended.

NOW, THEREFORE, BE IT ORDAINED BY THE TOWN COUNCIL OF THE TOWN OF SPEEDWAY, INDIANA THAT:

Section 1. The CCI Fund is hereby renamed the Cumulative Capital Development Fund, which is hereby established pursuant to IC 36-9-15.5-2.

Section 2. The CCD Fund may be used for any purpose provided under IC 36-9-15.5-2, as amended.

Section 3. Those expenditures from the CCI Fund consistent with the allowable expenditures of the CCD Fund, while previously reviewed and approved, are hereby ratified and approved.

Section 4. All ordinances, including Ordinance No. 341, inconsistent herewith are hereby repealed.