§ 36-7-31-21 — Uses of money from funds

(a) Except as provided in section 14.1 of this
chapter, the capital improvement board may use money distributed
from the professional sports development area fund established by
section 16(a) of this chapter only to construct and equip a capital
improvement that is used for a professional sporting event, including
the financing or refinancing of a capital improvement or the payment
of lease payments for a capital improvement.
(b) The capital improvement board or its designee shall deposit the
revenue received from the sports and convention facilities operating
fund established by section 16(b) of this chapter in a special fund,
which may be used only for paying usual and customary operating
expenses with respect to the capital improvements that are owned,
leased, or operated by the capital improvement board. The special fund
may not be used for the payment of any current or future obligations
owed by the capital improvement board to the Indiana stadium and
convention building authority created by IC 5-1-17 or any state agency
under a lease or another agreement entered into between the capital
improvement board and the Indiana stadium and convention building
authority or any state agency under IC 5-1-17-26.
(c) Revenues available for deposit in the sports and convention
facilities operating fund may be pledged to secure and provide for the
payment of bond or lease obligations of the capital improvement board
related to the construction or equipping of a capital improvement that
is used for a professional sporting event or convention, including by a
deposit or transfer of revenues into the capital improvement bond fund
under IC 36-10-9-11.

Legislative History

As added by P.L.255-1997(ss), SEC.19. Amended by P.L.214-2005, SEC.70; P.L.182-2009(ss), SEC.419; P.L.109-2019, SEC.15.