Indiana Code - Taxation - Title 6, Section 6-9-4-7

Innkeeper's tax fund; expenditures

Sec. 7. (a) The county treasurer shall establish an innkeeper's tax
fund. The treasurer shall deposit in the fund all money the treasurer
receives under section 6 of this chapter.
(b) Money in the fund shall be expended in the following order:
(1) To service:
(A) bonds issued by the county under IC 36-2-6-18 through
IC 36-2-6-20; or
(B) other debt incurred by the commission or the
not-for-profit corporation with which the commission
contracts to transfer funds;
if the bonds or other debt are issued for the purposes set forth
in section 3(a)(6) of this chapter and are payable in whole or in
part from money derived from the innkeeper's tax.
(2) To fund or maintain a debt service reserve for bonds or debt
described in subdivision (1).
(3) To pay the commission's operating expenses and its other
expenses in carrying out the purposes set forth in section 3(a)(6)
of this chapter.
(c) 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 one-half (1/2) of the annual principal and interest
obligations on the bonds. 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 Acts 1977, P.L.92, SEC.3. Amended by P.L.75-1988,
SEC.2; P.L.3-1989, SEC.43.

Last modified: May 28, 2006