§ 36-7.5-7-6 — Use of money in the fund

Indiana § 36-7.5-7-6

• Jurisdiction: Indiana
• Title 36: LOCAL GOVERNMENT
• Art. 7.5: NORTHWEST INDIANA REGIONAL
• Ch. 7: Lake County Economic Development and Convention

Text

(a) Money in the convention fund may be used
only for the following:
(1) To acquire, improve, prepare, modernize, construct, repair,
demolish, and equip a convention center located in Lake County.
(2) To pay the principal and interest on any obligations, including
bonds or leases and development costs, incurred by the
development authority for the purpose of financing or refinancing
the development of a convention center located in Lake County.
(3) To establish, augment, or restore a debt service reserve for
obligations described in this subsection.
(4) If the development authority determines excess money exists
in the convention fund, for improvements to the convention center
and around the convention center.
(b) Money in the convention fund may not be used to pay operating
expenses.

Legislative History

As added by P.L.195-2023, SEC.7.