§ 34.09 FOOD AND BEVERAGE TAX RECEIPTS FUND.
   (A)   The Town of Danville Food and Beverage Tax Receipts Fund ("Fund") is hereby established. The town shall deposit in the fund all food and beverage tax amounts received under I.C. 6-9-50 et seq. Money earned from the investment of money in the fund becomes a part of the fund.
   (B)   The town shall use such revenues collected in the fund (if available) for the following purposes:
      (1)   Parks, trails, and sidewalk, street, and parking improvements to support tourism in the town;
      (2)   Economic development purposes, including the pledge of money under I.C. 5-1-14-4 for bonds, leases, or other obligations for economic development purposes.
   (C)   The fund shall be non-reverting. In the instance of fund termination, the fund balance shall be transferred to the town general fund, after all outstanding debt obligations from the fund have been satisfied.
(Ord. 33-2019, passed 11-4-19)
Cross-reference:
   Food and Beverage Tax, see § 36.01