Use of food and beverage tax money received before July 1, 1994
Sec. 9. (a) This section applies to revenues from the county food
and beverage tax received by the county before July 1, 1994.
(b) Money in the fund established under section 8 of this chapter
shall be used by the county in the following order:
(1) To pay debt service on bonds issued under IC 36-2-6-18
through IC 36-2-6-20, including up to two (2) years interest, to
finance:
(A) the acquisition, construction, or equipping of a
basketball hall of fame;
(B) all reasonable and necessary architectural, engineering,
legal, financing, accounting, advertising, bond discount, and
supervisory expenses related to the acquisition, construction,
or equipping of a basketball hall of fame or the issuance of
bonds; and
(C) the establishment or maintenance of a debt service
reserve fund for the bonds or any other reasonable or
necessary reserve funds to operate, repair, maintain, or
improve a basketball hall of fame.
(2) To redeem or prepay bonds after meeting all requirements
of any bond ordinance.
(3) To reimburse the county or any nonprofit corporation for
any money advanced for purposes of this chapter.
(c) Money held in the fund established under section 8 of this
chapter shall be held until distribution under subsection (b).
(d) The county auditor shall make a semiannual distribution, at the
time property tax revenue is distributed, to the paying agent for any
bonds described in subsection (b)(1). Each semiannual distribution
must be equal to principal and interest obligations on the bonds on
the next interest payment date. Money received by a paying agent
under this subsection shall be deposited in a special fund to be used
to service the bonds.
As added by P.L.380-1987(ss), SEC.7. Amended by P.L.75-1988,
SEC.4; P.L.50-1994, SEC.2.
Last modified: May 28, 2006