(A) A fund shall be established known as the city’s “Economic Development Tax Fund”, and the revenue received by the city from the county economic development income tax shall be deposited into that Fund as required under applicable state law.
(B) The revenue deposited into the city’s Economic Development Income Tax Fund which results from the county’s increase in the county economic development income tax shall be used, once it is appropriated to the city, in accordance with state law and specifically in accordance with I.C. 6-3.5-7-13.1.
(Ord. 2004-1520, passed 5-17-2004)