§ 36-10-9-20 — State appropriation

Indiana § 36-10-9-20

• Jurisdiction: Indiana
• Title 36: LOCAL GOVERNMENT
• Art. 10: RECREATION, CULTURE, AND COMMUNITY
• Ch. 9: Marion County Capital Improvement Board

Text

(a) Four million dollars ($4,000,000) has
been appropriated out of money in the general fund of the state not
otherwise appropriated for distribution by the auditor and treasurer of
state to a board that was in existence on March 11, 1967, to be
expended by the board for the purpose of financing a convention center
to be known as the Indiana convention exposition center. However, the
four million dollar ($4,000,000) appropriation could not be spent by the
board until funds and assets, exclusive of real property, in addition to
this appropriation, had been received by the board under section 6 of
this chapter of a total value of two million dollars ($2,000,000) in
excess of the cost of the funds and assets to the board. The valuation of
the funds and assets shall be conclusively determined by the board and
the executive of the consolidated city. This appropriation does not lapse
at the end of any biennium.
(b) The four million dollars ($4,000,000), including accrued
interest, shall be repaid to the treasurer of state by December 31, 2000,
in annual installments. The first payment shall be made on or before
December 31, 1992. The amount of the payment must include interest
at two percent (2%) per year The repayment shall be made by the board
from net income received from the operation of the convention center,
from available amounts in the capital improvement fund, and from any
contributions, bequests, or other sources available to the board for this
purpose.
As added by Acts 1982, P.L.77, SEC.28. Amended by
P.L.27-1992, SEC.29.