Substance removal and remedial action funds
Sec. 22. (a) This section only applies to a designated unit.
(b) The county income tax council may, by ordinance, determine
that economic development income tax money is needed in the
county to fund substance removal and remedial action, including the
repayment of bonds or other debt incurred for substance removal or
remedial action, and the actions taken to fund substance removal and
remedial action serve a public purpose by promoting public health,
welfare, and safety.
(c) If the county income tax council makes a determination under
subsection (b), the county income tax council may adopt a tax rate
under section 5(g) of this chapter. The tax rate may not be imposed
at a rate or for a time greater than is necessary to fund substance
removal and remedial action in the county, including the repayment
of bonds or other debt incurred for substance removal or remedial
action.
(d) The county treasurer shall establish a substance removal and
remedial action fund to be used only for the purposes described in
this section. County economic development income tax revenues
derived from the tax rate imposed under section 5(g) of this chapter
shall be deposited in the substance removal and remedial action fund
before making a certified distribution under section 12 of this
chapter.
(e) The county income tax council may, by ordinance, appropriate
or pledge any part of the substance removal and remediation action
fund to a political subdivision or to an entity formed by an interlocal
cooperation agreement under IC 36-1-7 for the purposes set forth in
this chapter in the county.
(f) The county auditor shall distribute the amount specified in the
ordinance to the designated political subdivision or to an entity
formed by an interlocal cooperation agreement under IC 36-1-7 from
the substance removal and remedial action fund.
(g) Bonds issued by a political subdivision or an entity formed by
an interlocal cooperation agreement under IC 36-1-7 payable from
the substance removal and remedial action fund do not constitute
debt of a designated unit or a city or town in the designated unit, and
the bonds shall contain a statement on their face to that effect and to
the effect that the bonds are payable solely from money in the
substance removal and remedial action fund, and other available
funds, and are not supported by the full faith and credit of the county,
city, or town.
As added by P.L.44-1994, SEC.10. Amended by P.L.99-1995, SEC.5.
Last modified: May 28, 2006