(A) There is hereby established a Riverboat Wagering Tax Revenue Sharing Fund.
(B) The funds accumulated in the Riverboat Wagering Tax Revenue Sharing Fund may be used for any purpose within the town under the authority of I.C. 4-33-13-5:
(1) To reduce the property levy of the town;
(2) To fund additional property tax replacement credits in property tax increment allocation areas;
(3) To fund sewer and water projects, including storm water management projects;
(4) For police and fire pensions; and
(5) To carry out any governmental purpose for which the fiscal body of the town appropriates the riverboat wagering tax revenue sharing. The riverboat wagering tax revenue sharing used for this purpose does not reduce the property tax levy of the town or reduce the maximum levy of the town.
(C) The Fund shall be perpetual until terminated by the subsequent action of the Town Council.
(D) Upon termination of the Fund by subsequent action of the Town Council, any funds remaining in the Riverboat Wagering Tax Revenue Sharing Fund upon termination shall be transferred to the General Fund.
(Ord. 03-008, passed 11-12-2003)