(A) There is hereby created a special non-reverting fund to be known as the “Consolidated Brookside Economic Development Area Fund” and designated as fund #271 within the books and records of the town.
(B) The funds or monies within said non-reverting fund may be paid for the following expenditures:
(1) Pay the principal of and interest on any obligations payable solely from allocated tax proceeds, which are incurred by the redevelopment district for the purpose of financing or refinancing the redevelopment of the allocation area;
(2) Establish, augment or restore the debt service reserve for bonds payable solely or in part from allocated tax proceeds in the allocation area;
(3) Pay the principal of and interest on bonds payable from allocated tax proceeds in the allocation area and from any special tax levied pursuant to I.C. 36-7-14-27 and all acts amendatory or supplemental thereto;
(4) Pay the principal of an interest on bonds issued by the town or the Town Redevelopment Commission to pay for local public improvements that are physically located in or physically connected to the allocation area;
(5) Pay premiums on the redemption before maturity of bonds payable solely or in part from allocated tax proceeds in the allocated area;
(6) Make payments on leases payable from allocated tax proceeds in the allocation area as provided under I.C. 36-7-14-25.2 and all acts amendatory or supplemental thereto;
(7) Reimburse the town and/or the Town Redevelopment Commission for expenditures made by it for local public improvements (which include buildings, parking facilities and other items described in I.C. 36-7-14-25.1(a) and all acts amendatory or supplemental thereto) that are physically located in or physically connected to the allocation area; and
(8) Reimburse the town and/or the Town Redevelopment Commission for rentals paid by it for a building or parking facility that is physically located in or physically connected to the allocation area under any lease entered into in accordance with I.C. 36-1-10 and all acts amendatory or supplemental thereto.
(Ord. 051413B, passed 5-14-2013)