Transfer of funds; use
Sec. 12.5. (a) This section applies if there are no outstanding
obligations for which a pledge has been made under section 15(a) of
this chapter concerning uses authorized under section 12 of this
chapter.
(b) Money deposited in the county economic development project
fund before March 1, 1992, shall be transferred to the following:
(1) Fifty percent (50%) of the money deposited shall be
transferred to the fiscal officer of a city having a population of
more than fifty-nine thousand seven hundred (59,700) but less
than sixty-five thousand (65,000).
(2) Fifty percent (50%) of the money deposited shall be
transferred to the county general fund. Money transferred under
this subdivision shall be used for:
(A) economic development projects in locations other than
a city described in subdivision (1); or
(B) the following purposes:
(i) The financing, construction, or equipping of a secure
detention facility under IC 31-31-8 or IC 31-6-9-5
(repealed).
(ii) All reasonable and necessary architectural,
engineering, legal, financing, accounting, advertising, and
supervisory expenses related to the financing,
construction, or equipping of a facility described in item
(i).
(iii) The retiring of any bonds issued, loans obtained, or
lease payments incurred under IC 36-1-10 to finance,
construct, or equip a facility described in item (i).
(c) Except as provided in subsection (d), money deposited in the
county economic development project fund after February 29, 1992,
shall be transferred to the following:
(1) Forty percent (40%) of the money deposited shall be
transferred to the fiscal officer of a city described in subsection
(b)(1).
(2) Forty percent (40%) of the money deposited shall be
transferred to the county general fund. Money transferred under
this subdivision shall be used for the following purposes:
(A) The financing, construction, or equipping of a secure
detention facility under IC 31-31-8 or IC 31-6-9-5
(repealed).
(B) All reasonable and necessary architectural, engineering,
legal, financing, accounting, advertising, and supervisory
expenses related to the financing, construction, or equipping
of a facility described in clause (A).
(C) The retiring of any bonds issued, loans obtained, or lease
payments incurred under IC 36-1-10 to finance, construct, or
equip a facility described in clause (A).
(3) Twenty percent (20%) of the money deposited shall be
transferred to the county general fund. Money transferred under
this subdivision shall be used for economic development
projects in locations other than a city described in subsection
(b)(1).
(d) After the retiring of any bonds issued, loans obtained, or lease
payments incurred under IC 36-1-10 to finance, construct, or equip
a secure detention facility under subsection (c)(2), money deposited
in the county economic development project fund after February 29,
1992, shall be transferred to the following:
(1) Seventy percent (70%) of the money deposited shall be
transferred to the fiscal officer of a city described in subsection
(b)(1).
(2) Thirty percent (30%) of the money deposited shall be
transferred to the county general fund. Money transferred under
this subdivision shall be used for economic development
projects in locations other than a city described in subsection
(b)(1).
(e) Money transferred to a city fiscal officer under subsection
(b)(1), (c)(1), or (d)(1) shall be credited to a special account to be
known as the city economic development account. Money credited
to the account shall be used only for those purposes described in
IC 6-3.5-7 (the county economic development income tax).
As added by P.L.51-1992, SEC.2. Amended by P.L.1-1997, SEC.38;
P.L.170-2002, SEC.50.
Last modified: May 28, 2006