(A) There is hereby established a Riverboat Wagering Tax Revenue Sharing Fund for the town and all moneys received shall be deposited into said Fund.
(B) Pursuant to I.C. 4-33-13-5(1) Riverboat Wagering Tax Revenue Sharing, the town shall use the Fund for the following purposes:
(1) To fund sewer and water projects, including storm water management projects;
(2) To carry out any governmental purpose for which the fiscal body of the town appropriates the riverboat wagering tax revenue sharing. The riverboat wagering tax revenue sharing used for this purpose does not reduce the property tax levy of the town or reduce the maximum levy of the town;
(3) To reduce property levy of the town. (This reduction of property tax levy does not reduce the maximum levy of the town); and
(4) To fund additional property tax replacement credits in property tax increment allocation areas.
(C) Pursuant to I.C. 4-33-13-5, the first year’s distribution must be appropriated by an additional appropriation. All years thereafter must be budgeted; if not budgeted and money is left to accumulate, an addition appropriation must be done when funds are to be used.
(Res. 2003-12, passed 8-25-2003)