Food and beverage tax receipt fund; deposits; use of fund
Sec. 8. (a) If a tax is imposed under section 3 of this chapter, the
treasurer of the airport authority shall establish a food and beverage
tax receipts fund.
(b) The airport authority treasurer shall deposit in this fund all
amounts received under this chapter.
(c) Any money earned from the investment of money in the fund
becomes a part of the fund.
(d) Money in this fund shall be used by the treasurer of the airport
authority solely for the purpose of retiring bonds that were issued to
finance or refinance the construction of a new airport terminal in the
county, as provided in subsection (e).
(e) The treasurer of the airport authority shall apply the money in
the fund as follows:
(1) First, to replace revenues used by the airport authority to
retire bonds issued under IC 8-22-3-18.1 to finance or refinance
the construction of a new airport terminal in the county.
(2) Second, any money in the fund that is not needed to replace
revenues as required by subdivision (1) shall be used to make
principal and interest payments on bonds issued under
IC 8-22-3-18.1 to finance or refinance the construction of a new
airport terminal in the county.
(f) The airport authority may use three hundred thousand dollars
($300,000) for capital improvements at the airport after the last of the
bonds issued to finance the construction of an airport terminal and
the last of any bonds issued to refund those bonds have been
completely paid as to both principal and interest. Except for this
balance of three hundred thousand dollars ($300,000), the money in
this fund after the last of the bonds issued to finance the construction
of an airport terminal and the last of any bonds issued to refund those
bonds have been completely paid as to both principal and interest
shall be transferred to the auditorium fund established under section
8.5 of this chapter.
As added by P.L.83-1985, SEC.1. Amended by P.L.1-1991, SEC.73;
P.L.99-1995, SEC.9.
Last modified: May 28, 2006