Capital improvement plan; revenue allocated for economic

# (1)

adopt a capital improvement plan specifying the uses of the additional revenue to be allocated for economic development purposes; or

# (2)

designate the county or a city or town in the county as the recipient of all or a part of its share of the additional revenue that is distributed to it for economic development purposes.

(b) If a designation is made under subsection (a)(2), the county treasurer shall transfer the share or part of the share to the designated unit unless that unit does not have a capital

improvement plan.

(c) A county, city, or town that fails to adopt a capital improvement plan may not receive:

(1) its fractional amount of the additional revenue to be allocated for economic development purposes; or

(2) any amount designated under subsection (a)(2);
for the year or years in which the unit does not have a plan. The county treasurer shall retain the amounts not distributed for such a unit in a separate account until the unit adopts a plan.
Interest on the separate account becomes part of the account. If a unit fails to adopt a plan for a period of three (3) years, the balance in the separate account shall be distributed to the other units in the county in the same manner that other additional revenue allocated for economic development purposes is distributed.

(d) A capital improvement plan must include the following components:

(1) Identification and general description of each project that would be funded by other additional revenue allocated for economic development purposes.

(2) The estimated total cost of the project.

# (3)

Identification of all sources of funds expected to be used for each project.

# (4)

The planning, development, and construction schedule of each project.

(e) A capital improvement plan:

(1) must encompass a period of not less than two (2) years; and

(2) must incorporate projects the cost of which is at least seventy-five percent (75%) of the fractional amount of additional revenue allocated for economic development purposes that is expected to be received by the county, city, or town in that period.

(f) In making a designation under subsection (a)(2), the executive must specify the purpose and duration of the designation. If the designation is made to provide for the payment of lease rentals or bond payments, the executive may specify that the designation and its duration are irrevocable.
As added by P.L.243-2015, SEC.10.