§ 5-1-17.5-30 — Motorsports investment district fund; request for appropriations; use of money in the fund

Indiana § 5-1-17.5-30

• Jurisdiction: Indiana
• Title 5: STATE AND LOCAL ADMINISTRATION
• Art. 1: BONDS AND OTHER OBLIGATIONS
• Ch. 17.5: Motorsports Investment District

Text

(a) If a motorsports investment district is
established under this chapter, the commission, or the authority for and
on behalf of the commission, shall establish a motorsports investment
district fund for the motorsports investment district. The fund shall be
administered by the commission. Except as provided in subsection (g),
money in the fund does not revert to the state general fund at the end
of a state fiscal year.
(b) The commission shall deposit amounts appropriated to the
commission in the motorsports investment district fund as provided in
this chapter.
(c) The commission shall request that the general assembly make an
appropriation not to exceed five million dollars ($5,000,000) to the
commission for deposit in the motorsports investment district fund in
each state fiscal year following the creation of the motor sports
investment district fund, until the earlier of:
(1) the date that is twenty-two (22) years after the date on which
appropriations are first deposited in the motorsports investment
district fund; or
(2) the date on which all bonds issued by the authority under
section 37 of this chapter are no longer deemed outstanding.
The commission may use money in the motorsports investment district
fund for the purposes of this chapter.
(d) Amounts held in the motorsports investment district fund may
be distributed to a trustee of any bonds that are issued or to be issued
by the authority under section 37 of this chapter and that are secured by
rent to be paid by the commission under a lease entered into with the
authority under section 32 of this chapter.
(e) In addition, to the extent the rent due in a state fiscal year under
leases of structures or other capital improvements that are within a
motorsports investment district is anticipated to be insufficient to pay
debt service on bonds issued under section 37 of this chapter, when due
in that state fiscal year, the authority shall make the request under
subsection (c) upon reaching the determination.
(f) Money in the motorsports investment district fund may be used
by the commission, the authority, or a trustee for the following:
(1) Payment of the rent due under leases of structures or other
capital improvements that are located within a motorsports
investment district.
(2) Payment of all expenses incurred by the commission or the
authority in connection with the exercise of its duties and
obligations set forth in this chapter, including those incurred in
connection with the establishment of the motorsports investment
district.
(3) Payment of debt service on bonds issued under section 37 of
this chapter, but only to the extent of any deposit made to the
motorsports investment district fund from appropriations
requested under subsection (e) or section 30.5(d) of this chapter.
(g) On the date that all bonds issued by the authority under section
37 of this chapter are no longer deemed outstanding and all expenses
incurred by the commission or the authority in connection with the
exercise of its duties and obligations set forth in this chapter have been
paid, all money then remaining on deposit in the motorsports
investment district fund reverts to the state general fund.

Legislative History

As added by P.L.233-2013, SEC.5. Amended by P.L.213-2015, SEC.55; P.L.149-2016, SEC.16.