§ 6-9-43-9 — Use of tax revenue

(a) Except as provided in subsection (b), money
in the food and beverage tax receipts fund established under section 8
of this chapter shall be used by the town for the financing, construction,
operation, or maintenance of the following:
(1) Sanitary sewers or wastewater treatment facilities.
(2) Drainage or flood control facilities.
(3) Water treatment, storage, or distribution facilities.
(b) The fiscal body of the town may pledge money in the food and
beverage tax receipts fund to pay bonds issued, loans obtained, and
lease payments or other obligations incurred by or on behalf of the
town or a special taxing district in the town to provide the facilities
described in subsection (a).
(c) Subsection (b) applies only to bonds, loans, lease payments, or
other obligations that are issued, obtained, or incurred after the date on
which the town food and beverage tax is imposed under section 3 of
this chapter.
(d) A pledge under subsection (b) is enforceable under IC 5-1-14-4.

Legislative History

As added by P.L.157-2013, SEC.1.