(A) There is hereby established an Economic Development Income Tax Fund 0444 for the purpose of accounting for the receipts and disbursements of the city’s revenue received from the County Economic Development Income Tax.
(B) Receipts and disbursements of said Fund shall be governed by I.C. 6-3.5-7 and shall be accounted for accordingly.
(C) The Executive may, at any time, transfer money deposited in such fund to the General Fund or any other city fund. After appropriation of the money by the Common Council in a budget or supplemental budget (as required by law), the money transferred under this section may be used for the purposes of the Fund to which the money is transferred, for purposes allowed by statute (I.C. 6-3.5-7-12.7).
(D) The Executive may not transfer money if the amount transferred would impair the city’s ability to satisfy any debts, liabilities, or obligations for which county economic development income taxes are pledged or otherwise encumbered.
(E) Said fund shall be perpetual in nature; however, should the Fund terminate for any lawful reason, all monies shall revert to the General Fund.
(Ord. 13-0040, passed 1-13-2014)