§ 8-10-5-3 — Counties creating port authority; reimbursement of municipal corporations

Any county, which seeks to create a port
authority shall, prior to such creation of a port authority, and prior to
the exercising of the hereinafter described rights, compensate in full the
municipal corporations included in the territory of such county, in an
amount of money equal to the waterfront investment of such municipal
corporations in the territory or adjoining lands including but not limited
to appropriations, expenditures, charges for materials used or labor
performed by public officials or employees of said municipal
corporation in the placing, construction, development, or improvement
of land fills; waterfront shoreways or highways; bulkheads; connecting
ways; tracts, breakwaters; soil erosion projects; harbor improvements;
public beaches; boat harbor facilities; drainage systems; docks;
bridges; wharves; piers; places; ways; buildings and appurtenances;
sewers; public utility facilities for power, light, heat or water; dredging
or channel improvement projects; communications systems; and
lakefront improvements. Such municipal corporations may decline to
demand compensation for any of the foregoing components of their
waterfront investment and thereby retain their possession, custody,
control, and property interest in the component for which no
compensation is demanded.
Such compensation paid to the municipal corporation may not be
derived or take origin directly or indirectly from levies, taxes,
assessments, fees, or charges of any kind or nature which were imposed
or will be imposed upon the citizens, electors or taxpayers of the
municipal corporation which receives such compensation.
Formerly: Acts 1959, c.343, s.3.