The Town of Culver has followed suit to establish a fund for road funding distributions from the state.
This week, Town Council members agreed to establish a Local Option Income Tax Fund per the direction of the Department of Local Government Finance. It’s the requirement to properly receive funds designated for road funding and repairs.
Culver Town Council President Ginny Bess Munroe says the funds will be useful for Utilities Superintendent Bob Porter.
“It’s a lot of road expenditures he can spend it on,” says Munroe. “Unfortunately we can’t do anything for the emergency services with the money.”
Culver is receiving more than $99-thousand for the projects, but the uses for those monies has been restricted by the state. Still, there are several allowable uses such as engineering, land acquisition, construction, resurfacing, maintenance, and restoration of local roadways.
There is a matching program at the state level which will allow Culver to use some of the funds to potentially double their road funding distribution. Town Manager Jonathan Leist says for the matching funds, the original distribution may be used.
“I don’t know how competitive those grants are going to be,” says Leist. “The thinking from INDOT is that they’d like to have an application period through July and get that money back out to Towns in August so you can pave with it in the fall.”
Paying the principal and interest on bonds issued to finance road projects was also listed as an allowable use of the funds.
Culver has already received the funds from the state. The Town Council approved an ordinance establishing the LOIT fund in their budget for future use.