(A) There is hereby established in the town a fund for the deposit of wagering taxes received from riverboat gambling within the territorial boundaries of the state which are allocated to the town, under I.C. 4-33-13-5, as amended. Said fund shall be referred to as the town’s Riverboat Gambling Revenue Sharing Fund.
(B) Monies deposited in said Town Riverboat Gambling Revenue Sharing Fund shall be expended only for the following purposes:
(1) To reduce the property tax levy of the town for a particular year;
(2) For deposit in a special fund or allocation fund created under I.C. 36-7-14 and I.C. 36-7-14.5 to provide funding for additional credits for property tax replacement in property tax increment allocation areas;
(3) To fund sewer and water projects, including storm water management projects;
(4) For police and fire pension; provided however, not more than 20% of the money received under I.C. 4-33-13-5, as amended, may be used for this particular purpose; or
(5) For any legal or corporate purpose of the town.
(C) Monies in said Town Riverboat Gambling Revenue Sharing Fund shall be appropriated and expended in accordance with the general rules to which other funds are subject.
(D) All monies placed in said Town Riverboat Gambling Revenue Sharing Fund shall be invested and reinvested pursuant to the standard procedures followed by the town, and said funds shall not revert to the town’s General Fund at the end of each year.
(Ord. 03-217, passed 9-8-2003)