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Indiana Code Title 6. Taxation § 6-9-26-12.5

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

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(A) The financing, construction, or equipping of a secure detention facility under IC 31-31-8 or IC 31-6-9-5 (repealed).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).

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Cite this article: FindLaw.com - Indiana Code Title 6. Taxation § 6-9-26-12.5 - last updated January 02, 2024 | https://codes.findlaw.com/in/title-6-taxation/in-code-sect-6-9-26-12-5/

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