Indiana § 36-7.5-4-1 Development authority revenue fund; accounts; use of money in the
fund; debt service

Indiana Statutes

§ 36-7.5-4-1 — Development authority revenue fund; accounts; use of money in the fund; debt service

Indiana § 36-7.5-4-1

Title 36LOCAL GOVERNMENT

Art. 7.5NORTHWEST INDIANA REGIONAL

Ch. 4Financing; Issuance of Bonds; Leases

This text of Indiana § 36-7.5-4-1 (Development authority revenue fund; accounts; use of money in the fund; debt service) is published on Counsel Stack Legal Research, covering Indiana primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ind. Code § 36-7.5-4-1 (2026).

Text

(a)The development board shall establish and administer a development authority revenue fund.

(b)The development authority revenue fund consists of the following:

(1)Riverboat admissions tax revenue, riverboat wagering tax revenue, or riverboat incentive payments received by a city or county described in IC 36-7.5-2-3(b) and transferred by the county or city to the fund.

(2)Local income tax revenue dedicated to economic development purposes by a county or city and transferred by the county or city to the fund.

(3)Amounts distributed under IC 8-15-2-14.7.

(4)Food and beverage tax revenue deposited in the fund under IC 6-9-36-8.

(5)Funds received from the federal government.

(6)Appropriations to the fund by the general assembly.

(7)Other local revenue appropriated to the fund by a p

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(a) The development board shall establish and
administer a development authority revenue fund.
(b) The development authority revenue fund consists of the
following:
(1) Riverboat admissions tax revenue, riverboat wagering tax
revenue, or riverboat incentive payments received by a city or
county described in IC 36-7.5-2-3(b) and transferred by the
county or city to the fund.
(2) Local income tax revenue dedicated to economic development
purposes by a county or city and transferred by the county or city
to the fund.
(3) Amounts distributed under IC 8-15-2-14.7.
(4) Food and beverage tax revenue deposited in the fund under IC 6-9-36-8.
(5) Funds received from the federal government.
(6) Appropriations to the fund by the general assembly.
(7) Other local revenue appropriated to the fund by a political
subdivision.
(8) Amounts transferred to the fund under IC 36-7.5-4.5.
(9) Gifts, donations, and grants to the fund.
(c) The development board shall establish any accounts in the fund
that are necessary or appropriate to carry out the powers and duties of
the development authority.
(d) The development board shall establish separate accounts for
funding that are expressly committed to:
(1) the mainline double tracking project; or
(2) the West Lake corridor project.
(e) A separate fund or account may be established to comply with
the requirements of:
(1) a grant received from any federal agency or department;
(2) a grant received from the state;
(3) state appropriations;
(4) gifts, bequests, or donations;
(5) the issuance of obligations;
(6) the execution of leases; or
(7) any other purpose.
(f) Except as otherwise provided by law, agreement with holders of
any obligations of the development authority, or subsection (g), all
money transferred to the development authority revenue fund under
subsection (b)(1), (b)(2), and (b)(4) shall be used only for the payment
of or to secure the payment of obligations of an eligible political
subdivision under a lease entered into by an eligible political
subdivision and the development authority under this chapter. Money
not pledged to payment of any existing or future leases or reasonably
necessary for the purposes of this article may be returned by the
treasurer of the development authority to the respective counties and
cities that contributed the money to the development authority.
(g) If the amount of money transferred to the development authority
revenue fund under subsection (b)(1), (b)(2), and (b)(4) for deposit in
the lease rental account in any one (1) calendar year is greater than an
amount equal to:
(1) one and twenty-five hundredths (1.25); multiplied by
(2) the total of the highest annual debt service on any bonds then
outstanding to their final maturity date, which have been issued
under this article and are not secured by a lease, plus the highest
annual lease payments on any leases to their final maturity, which
are then in effect under this article;
all or a portion of the excess may instead be deposited in the general
account.
(h) Except as otherwise provided by law or agreement with the
holders of obligations of the development authority, all other money
and revenues of the development authority may be used for any
purpose authorized by this article.
(i) The development authority revenue fund shall be administered
by the development authority.
(j) Money in the development authority revenue fund shall be used
by the development authority to carry out this article and does not
revert to any other fund.
(k) This section includes full authority for the creation of any fund
or account by the development authority and for an agreement with any
person to hold or manage a fund or account.

Legislative History

As added by P.L.214-2005, SEC.73. Amended by P.L.182-2009(ss), SEC.425; P.L.197-2016, SEC.142; P.L.229-2017, SEC.39; P.L.248-2017, SEC.6; P.L.86-2018, SEC.350; P.L.189-2018, SEC.171.