Indiana § 36-7.5-7-5 Lake County economic development and convention fund; deposits;
report to budget committee; updated feasibility study

Indiana Statutes

§ 36-7.5-7-5 — Lake County economic development and convention fund; deposits; report to budget committee; updated feasibility study

Indiana § 36-7.5-7-5

Title 36LOCAL GOVERNMENT

Art. 7.5NORTHWEST INDIANA REGIONAL

Ch. 7Lake County Economic Development and Convention

This text of Indiana § 36-7.5-7-5 (Lake County economic development and convention fund; deposits; report to budget committee; updated feasibility study) 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 § 36-7.5-7-5 (2026).

Text

(a)The Lake County economic development and convention fund is established. The fund shall be administered by the development authority.

(b)The convention fund consists of:

(1)deposits under IC 4-33-13-2.5(b)(2);

(2)deposits under subsection (c);

(3)appropriations to the fund;

(4)gifts, grants, loans, bond proceeds, and other money received for deposit in the fund; and

(5)other deposits or transfers of funds from local units located in Lake County.

(c)If a proposal is approved as provided under this chapter, each state fiscal year, beginning with the first state fiscal year that begins after the proposal is approved, the approved entity shall deposit up to five million dollars ($5,000,000) in the convention fund.

(d)The development authority shall administer money, including deter

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(a) The Lake County economic development
and convention fund is established. The fund shall be administered by
the development authority.
(b) The convention fund consists of:
(1) deposits under IC 4-33-13-2.5(b)(2);
(2) deposits under subsection (c);
(3) appropriations to the fund;
(4) gifts, grants, loans, bond proceeds, and other money received
for deposit in the fund; and
(5) other deposits or transfers of funds from local units located in
Lake County.
(c) If a proposal is approved as provided under this chapter, each
state fiscal year, beginning with the first state fiscal year that begins
after the proposal is approved, the approved entity shall deposit up to
five million dollars ($5,000,000) in the convention fund.
(d) The development authority shall administer money, including
determining amounts to be used and the specific purposes, from the
convention fund.
(e) Except as provided in section 8(d) of this chapter, the money
remaining in the convention fund at the end of a state fiscal year does
not revert to the state general fund.
(f) Money in the convention fund is continuously appropriated for
the purposes of this chapter.
(g) Subject to budget committee review, but except as provided in
subsection (i), the development authority may receive reimbursement
for expenses incurred and a reasonable and customary amount for
providing administrative services from money in the convention fund.
(h) The development authority shall quarterly report to the budget
committee on all uses of money in the convention fund and the status
of the convention and event center project.
(i) The development authority shall conduct an updated feasibility
study related to a potential convention and event center located in Lake
County. The development authority shall be reimbursed for the costs
of obtaining the updated feasibility study from money in the fund.
Budget committee review is not required for reimbursement under this
subsection.