Indiana § 36-1-8-9 Riverboat fund establishment; administration and investment of funds

Indiana Statutes

§ 36-1-8-9 — Riverboat fund establishment; administration and investment of funds

Indiana·Title 36 LOCAL GOVERNMENT·Art. 1 GENERAL PROVISIONS·Ch. 8 Miscellaneous Fiscal and Administrative Provisions

(a)Each unit that receives:

(1)tax revenue under IC 4-33-12-6 or IC 4-33-13;

(2)revenue under an agreement to share the tax revenue received under IC 4-33-12 or IC 4-33-13 by another unit; or

(3)revenue under a development agreement (as defined in section 9.5 of this chapter); may establish a riverboat fund. Money in the fund may be used for any legal or corporate purpose of the unit.

(b)The riverboat fund established under subsection (a) shall be administered by the unit's treasurer, and the expenses of administering the fund shall be paid from money in the fund. Money in the fund not currently needed to meet the obligations of the fund may be invested in the same manner as other public funds may be invested. Interest that accrues from these investments shall be deposited in the fund

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(a) Each unit that receives:
(1) tax revenue under IC 4-33-12-6 or IC 4-33-13;
(2) revenue under an agreement to share the tax revenue received
under IC 4-33-12 or IC 4-33-13 by another unit; or
(3) revenue under a development agreement (as defined in section
9.5 of this chapter);
may establish a riverboat fund. Money in the fund may be used for any
legal or corporate purpose of the unit.
(b) The riverboat fund established under subsection (a) shall be
administered by the unit's treasurer, and the expenses of administering
the fund shall be paid from money in the fund. Money in the fund not
currently needed to meet the obligations of the fund may be invested
in the same manner as other public funds may be invested. Interest that
accrues from these investments shall be deposited in the fund. Money
in the fund at the end of a particular fiscal year does not revert to the
unit's general fund.

Indiana § 36-1-8-9 (Riverboat fund establishment; administration and investment of funds) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.