Indiana Code — Title 6 (Taxation)
IC 6-9-26-12.5
Transfer of funds; use
Sec. 12.5. (a) This section applies if there are no outstanding obligations for which a pledge has been made under section 15(a) of this chapter concerning uses authorized under section 12 of this chapter.
(b) Money deposited in the county economic development project fund shall be transferred to the following:
# (1)
Forty percent (40%) of the money deposited shall be transferred to the fiscal officer of a city having a population of more than fifty-four thousand (54,000) and less than fifty-eight thousand (58,000).
# (2)
Forty percent (40%) of the money deposited shall be transferred to the county general fund. Money transferred under this subdivision shall be used for the following purposes:
# (A)
The financing, construction, or equipping of a secure detention facility under IC 31-31-8 or IC 31-6-9-5 (repealed).
# (B)
All reasonable and necessary architectural, engineering, legal, financing, accounting, advertising, and supervisory expenses related to the financing, construction, or equipping of a facility described in clause (A).
# (C)
The retiring of any bonds issued, loans obtained, or lease payments incurred under IC 36-1-10 to finance, construct, or equip a facility described in clause (A).
# (3)
Twenty percent (20%) of the money deposited shall be transferred to the county general fund. Money transferred under this subdivision shall be used for economic development projects in locations other than a city described in subdivision (1).
(c) After the retiring of any bonds issued, loans obtained, or lease payments incurred under IC 36-1-10 to finance, construct, or equip a secure detention facility under subsection (b)(2), money deposited in the county economic development project fund shall be transferred to the following:
(1) Seventy percent (70%) of the money deposited shall be transferred to the fiscal officer of a city described in subsection (b)(1).
(2) Thirty percent (30%) of the money deposited shall be transferred to the county general fund. Money transferred under this subdivision shall be used for economic development projects in locations other than a city described in subsection (b)(1).
(d) Money transferred to a city fiscal officer under subsection (b)(1) or (c)(1) shall be credited to a special account to be known as the city economic development account. Money credited to the account shall be used only for those purposes described in IC 6-3.6-10-2 (local income tax for economic development purposes).
As added by P.L.51-1992, SEC.2. Amended by P.L.1-1997, SEC.38; P.L.170-2002, SEC.50;
P.L.119-2012, SEC.72; P.L.197-2016, SEC.79; P.L.104-2022, SEC.48.
Amendment history
As added by P.L.51-1992, SEC.2. Amended by P.L.1-1997, SEC.38; P.L.170-2002, SEC.50; P.L.119-2012, SEC.72; P.L.197-2016, SEC.79; P.L.104-2022, SEC.48.
Source: view the official text
Nearby sections (25 sections)
- 6-9-26-1 · Application of chapter
- 6-9-26-2 · Definitions
- 6-9-26-3 · Rate of tax; ordinance
- 6-9-26-4 · Copy of ordinance
- 6-9-26-5 · Effective date and application of ordinance
- 6-9-26-6 · Application of tax
- 6-9-26-7 · Food served off-premises, in heated state, or with eating
- 6-9-26-8 · Exemptions
- 6-9-26-9 · Collection; returns
- 6-9-26-10 · Receipt of taxes
- 6-9-26-11 · Economic development project fund; establishment; deposits
- 6-9-26-12 · Use of funds
- 6-9-26-12.5 · Transfer of funds; use
- 6-9-26-13 · Disbursements; resolution and findings; restrictions on use
- 6-9-26-14 · Repeal of ordinance
- 6-9-26-15 · Pledge of funds to finance obligations
- 6-9-26-16 · Repeal of ordinance; effective date; copy
- 6-9-26-17 · Expiration of chapter
- 6-9-27-1 · Application of chapter
- 6-9-27-2 · Definitions
- 6-9-27-3 · Adoption of ordinance
- 6-9-27-4 · Transactions; application of tax
- 6-9-27-5 · Amount; increase ordinance
- 6-9-27-5.5 · Certified copy of increase ordinance; application of…
- 6-9-27-6 · Imposition, payment, and collection; returns