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Current as of January 02, 2024 | Updated by Findlaw Staff
Sec. 6.3. (a) As used in this section, “zoo fund” refers to the Potawatomi Zoo fund.
(b) Subject to subsection (d), the county treasurer, after collecting the tax revenue in accordance with section 5 of this chapter, shall quarterly deposit tax revenue in the zoo fund as follows:
(1) If the tax is imposed at a rate of six percent (6%), forty percent (40%) of the amount of revenue collected as a result of a one percent (1%) rate.
(2) If the county fiscal body adopts an ordinance to increase the tax rate imposed under this chapter to a rate of more than six percent (6%), but less than eight percent (8%), the sum of:
(A) five percent (5%) of the amount of revenue that is attributable to the increased tax rate; plus
(B) forty percent (40%) of the amount of revenue collected as a result of a one percent (1%) rate.
(3) If the county fiscal body adopts an ordinance to increase the tax rate imposed under this chapter to a rate of eight percent (8%), the amount of revenue collected as a result of a one-half of one percent (0.5%) rate.
(c) Money in the zoo fund shall be expended by the board of managers to:
(1) finance projects for the Potawatomi Zoo located in the city of South Bend that are included in the Potawatomi Zoo's capital improvement master plan as in effect on July 1, 2019; and
(2) refund bonds issued or pay other obligations incurred for a purpose described in subdivision (1), make lease payments incurred, or retire bonds issued to finance projects for the Potawatomi Zoo located in the city of South Bend as described in subdivision (1).
(d) This section expires on July 1, 2046.
Cite this article: FindLaw.com - Indiana Code Title 6. Taxation § 6-9-1-6.3 - last updated January 02, 2024 | https://codes.findlaw.com/in/title-6-taxation/in-code-sect-6-9-1-6-3/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.
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