(A) The Clerk-Treasurer is hereby authorized and directed to establish and maintain a special nonreverting fund entitled the “Nonreverting Law Enforcement Fund”, which shall be held as a subsidiary fund of the General Fund. Whenever the Chief of Police, or his or her designee, seizes funds in accordance with I.C. 34-24-1-1 or 21 U.S.C. § 881, the funds derived from such seizure shall be immediately transferred to the Clerk-Treasurer for deposit in the Law Enforcement Investigation Fund.
(B) Disposition of proceeds derived from forfeited property pursuant to I.C. 34-24-1-5 shall be deposited into the Nonreverting Law Enforcement Fund, to be distributed pursuant to court order as may be issued in each forfeiture action, and as substantiated by a duly authorized claim issued and executed by, or on behalf of, the Chief of Police, with any excess funds to be transferred to the Treasurer of the state for deposit in the common school fund pursuant to a court order.
(C) In accordance with I.C. 34-24-1-9, proceeds forfeited under 18 U.S.C. § 981(e), 19 U.S.C. § 1616a, or 21 U.S.C. § 881(e) and any related regulations as may be adopted by the United States Department of Justice, from time to time, shall be deposited into the Nonreverting Law Enforcement Fund.
(D) Proceeds deposited into the Nonreverting Law Enforcement Fund may only be expended for the following purposes:
(1) Purposes related to the investigation and/or prosecution of criminal activity or offenses associated with controlled substances within the county;
(2) The purpose of reimbursing investigatory expenses and/or prosecutorial expenses related to the investigation of criminal activity or offenses associated with controlled substances within the county; or
(3) Upon approval of a duly executed claim by the Chief of Police and approved by the Board, for any other purpose consistent with state and federal laws and regulations.
(E) In accordance with the Department of Treasury rules and regulations, there is hereby created a Nonreverting Department of Treasury Equitable Sharing Fund into which all such funds disbursed by the Department of Treasury equitable sharing program shall be deposited and which may only be used in strict compliance with the Department of Treasury guide to equitable sharing and all amendments, revisions, or supplements thereto.