(A) Money in the Food and Beverage Tax Receipts Fund shall be used by the city:
(1) To reduce the city’s property tax levy for a particular year at the discretion of the city (but this use does not reduce the maximum permissible ad valorem property tax levy under IC 6-1.1 -18.5 for the city); or
(2) For economic development purposes, including the pledge of money under IC 5-1-14-4 for bonds, leases or other obligations for economic development purposes.
(B) Revenue derived from the imposition of the Food and Beverage Tax may be treated by the city as additional revenue for the purpose of fixing its budget for the budget year in which the revenues are to be distributed to the city.
(Ord. 091922J, passed 10-10-22)