(A) There is now created the Economic Development Income Tax Fund.
(B) Money received by the city as its distribution of the county economic development income tax shall be placed in this fund to be used as provided by statute and the Clerk-Treasurer is authorized to make receipts into said fund and make payments from said fund in accordance with Indiana law as provided by state law and in accordance with action by the city’s fiscal body.
(C) This fund shall be a continuing fund and all monies receipted into the fund shall be expended for the purposes set forth in division (B) of this section. Any balance remaining in the fund at the end of a year shall not revert to the general fund but shall remain in the Economic Development Income Tax Fund to be expended for the purposes set forth in division (B) of this section.
(D) This fund shall continue until terminated by ordinance.
(Ord. 09-36, passed 12-28-09)