(A) There is hereby established a special nonreverting fund to be known as the Police Drug Forfeiture Account. Whenever the Town Marshal and/or his or her designees seize funds under I.C. 34-34-1-1 or 21 USC § 881, said proceeds shall be immediately turned over to the Clerk-Treasurer for deposit into the Police Drug Forfeiture Account.
(B) Disposition of proceeds forfeited property pursuant to I.C. 34-23-1-5 shall be deposited into the general fund of the unit employing the law enforcement officers that seized the property and excess fund, herein defined as the Town Marshal and/or his or her designees expense for investigation, shall be transferred to the Treasurer of the State of Indiana for deposit in the common school fund.
(C) In accordance with I.C. 34-24-1-9 proceeds forfeited under 18 USC § 981(e), 19 USC § 1616a, or 21 USC § 881(e) and any related regulations adopted by the United States Department of Justice shall be deposited into the nonreverting fund known as the Police Drug Forfeiture Account.
(D) Proceeds deposited in the fund known as the Police Drug Forfeiture Account may only be expended with the approval of the Town Council President of the Town for the benefit of the Police Department for purposes consistent with federal laws and regulations.
(Ord. 2008-11A, passed - -08)