(A) The Clerk-Treasurer of the town shall establish a Food and Beverage Receipts Fund (the “Fund”).
(B) The Clerk-Treasurer of the town shall deposit in this Fund all amounts received under this subchapter.
(C) Any money earned from investment of money in the Fund becomes a part of the Fund.
(D) Except as set forth in division (E) below, the Clerk-Treasurer of the town shall apply the monies held in the Fund, as directed by the Town Council, for the financing, construction, operation or maintenance of the following:
(1) Sanitary sewers or wastewater treatment facilities;
(2) Park or recreational facilities;
(3) Drainage or flood control facilities; and
(4) Water treatment, storage or distribution facilities.
(E) The Town Council may pledge money in the Fund to pay bonds issued, loans obtained and lease payments or other obligations incurred by or on behalf of the town or a special taxing district in the town to provide the facilities described in division (D) above. This division (E) applies only to bonds, loans, lease payments or obligations that are issued, obtained or incurred after the date on which the tax is imposed under § 34.061. A pledge of the money in the Fund for the financing, construction, operation or maintenance of any of the facilities is an enforceable pledge under I.C. 5-1-14-4.
(Ord. 4-95, passed 7-24-1995)