Use of funds
Sec. 12. (a) Except as provided in section 12.5 of this chapter,
money in the county economic development project fund shall be
used by the county solely to:
(1) finance, construct, improve, equip, operate, maintain, and
promote first, a civic center, and then an economic development
project, if there is money not needed for a civic center,
approved under section 13 of this chapter; and
(2) retire bonds issued, loans obtained, or lease payments
incurred under IC 36-1-10 (referred to in this chapter as
"obligations") to finance, construct, improve, equip, operate,
maintain, or promote first, a civic center, and then an economic
development project approved under section 13 of this chapter.
(b) Obligations entered into for the purposes described in
subsection (a) shall be retired by using money collected from a tax
imposed under this chapter.
As added by P.L.74-1988, SEC.2. Amended by P.L.51-1992, SEC.1.
Last modified: May 28, 2006