(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