(A) Establishment. There is hereby established a special fund to be called the Riverboat Fund.
(B) Transfers. Whenever the city receives the revenues under I.C. 4-33-12-6, 4-33- 13, or an agreement to share a city’s or county’s part of the tax revenue, the funds shall be transferred to the Riverboat Fund. Money in the fund may be used for any legal or corporate purpose of the city.
(C) Purpose. The Riverboat Fund may be used for those legal or corporate purposes the Common Council deems appropriate and proper in light of the circumstances and pursuant to I.C. 36-1- 8-9 and 4-33-13-6, as amended from time to time, including, but not limited to, the pledge of money to bonds, leases or other obligations under I.C. 5-1-14- 4.
(D) Prohibited use. The Riverboat Fund may not be used to reduce the city’s maximum or actual levy under I.C. 6-1.1-18.5.
(E) Appropriation process. Before making an appropriation from the Riverboat Fund, the Common Council shall make a finding that the proposed use of the Riverboat Fund is consistent with the intent of the fund.
(F) Administration. The Riverboat Fund established under this section shall be administered by the Clerk-Treasurer and the expenses of administering the fund shall be paid from the money in the fund. Money in the fund not currently needed to meet theobligations of the fund may be invested in the same manner as other public funds may be invested. Interest that accrues from these investments shall be deposited in the fund. Money in the fund at the end of a particular fiscal year does not revert to the city’s General Fund.
(Ord. 2003-15, passed 7-22-2003)