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Indiana Code Title 36. Local Government § 36-7.5-3-6

Current as of January 02, 2024 | Updated by Findlaw Staff

Sec. 6. (a) As used in this section, “fund” refers to the northwest Indiana regional development authority commuter rail construction fund established by subsection (b).

(b) The northwest Indiana regional development authority commuter rail construction fund is established within the treasury of the development authority as a restricted fund for the purpose of holding money to be used to provide matching grants for projects that:

(1) are related to the extension of the Chicago, South Shore, and South Bend Railway;  and

(2) are approved by the development authority under this section.

(c) The fund consists of the following:

(1) Appropriations by the general assembly.

(2) Contributions received by the development authority under IC 36-7.5-4-1 and IC 36-7.5-4-2.

(3) Contributions of the local income tax revenue received by the fund in accordance with section 5 of this chapter.

(4) Federal grants.

(5) Gifts.

(d) The development authority shall administer the fund.

(e) Money in the fund that is not needed to satisfy the obligations of the fund may be invested in the manner that other public money may be invested.  Interest or other investment returns received on investments of money in the fund becomes part of the fund.

(f) Money in the fund may be disbursed from the fund only for the following purposes:

(1) To pay debt service on bonds issued to fund construction projects extending the Chicago, South Shore, and South Bend Railway.

(2) To provide matching grants in accordance with the requirements of this section.

(3) To pay the expenses of the development authority in administering the fund.

(4) To return money to the entity that contributed the money to correct an error in the contribution amount or because the money is no longer needed for the purpose for which the money was contributed.

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Cite this article: FindLaw.com - Indiana Code Title 36. Local Government § 36-7.5-3-6 - last updated January 02, 2024 | https://codes.findlaw.com/in/title-36-local-government/in-code-sect-36-7-5-3-6/

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