Disposition of tax revenues
Sec. 5. (a) Seventy-five percent (75%) of the tax revenues
received by the county treasurer as provided in section 4 of this
chapter shall be deposited in the convention and exhibition center
fund, which fund shall be expended by the board of managers to
develop and promote a program to attract conventions and
exhibitions.
(b) The county treasurer shall deposit twenty-five percent (25%)
of the tax revenues he receives under section 4 of this chapter in a
separate fund to be known as the capital development tourism fund.
The board of managers may use money in the capital development
tourism fund only to pay the principal and interest due on bonds
issued by:
(1) one (1) of the counties described in section 1 of this chapter;
or
(2) a political subdivision, as defined in IC 36-1-2-13, located
in one (1) of those counties;
to finance a project to promote tourism or to refund bonds previously
issued for such a purpose.
As added by Acts 1976, P.L.23, SEC.1. Amended by P.L.55-1984,
SEC.3.
Last modified: May 28, 2006