(A) The Downtown Main #1 Allocation Fund (Fund #485) is hereby established. Excess property tax proceeds from the Downtown Main #1 Allocation Area, as described in I.C. 36-7-14-39(b)(3), shall be paid into the Downtown Main #1 Allocation Fund (“Fund”). Money earned from investment of the money in the Fund becomes a part of the Fund.
(B) The amounts paid into the Fund may be used to further the goals of the Economic Development Plan for the Danville Economic Development Area No. 1, and in accordance with permitted uses under state law.
(C) The Fund shall be non-reverting.
(Ord. 12-2021, passed 5-5-21; Am. Ord. 20-2021, passed 6-16-21)