§ 36-7-7-13 — Economic development districts; definition; payments by counties; use of funds

(a) An economic development district is a
group of adjacent counties that:
(1) contains at least two (2) redevelopment counties;
(2) includes an economic development growth center; and
(3) has been officially designated as an economic development
district by the federal government under Title 42, U.S.C. section
3171, on the recommendation of the state.
(b) Counties may make payments to officially designated economic
development districts. The board of directors of the economic
development district shall determine the amount of the payments,
which may be based on the assessed valuation or the population of each
county, and the method of making the payments, subject to
appropriations by the fiscal bodies of the counties comprising the
economic development district.
(c) The economic development district may receive and expend all
sums appropriated or granted to it for purposes and activities
authorized by law, and shall deposit these sums in its own name and
follow all accounting, bonding, and auditing procedures required by
law.
(d) The economic development district is responsible for the
administration, safekeeping, and deposit of any monies appropriated or
granted to it, and may delegate all or part of that responsibility to a
designated financial officer.
(e) The economic development district may receive grants from
federal, state, or local governments for the purpose of carrying out any
of the planning and development activities of the district.
(f) Any sums appropriated to an economic development district that
remain uncommitted at the end of the budget year revert on a pro rata
basis to the general funds of the counties comprising the district.
[Pre-Local Government Recodification Citations: 18-7-17-1;
18-7-17-2.]
As added by Acts 1981, P.L.309, SEC.26.