(A)
In the event Council adopts the proposed ordinance which imposes an economic development income tax upon the county taxpayer, then Unit does hereby designate Commissioners as the recipient of its entire share of each and every certified distribution of E.D.I.T. funds which Unit would be entitled to receive by reason of the imposition of such tax and distribution of funds collected.
(B) There shall be established the County Economic Development Income Tax Fund.
(C)
Unit authorizes the Auditor and Treasurer of the county, respectively, to confirm such designation by the deposit of the entire share of the certified distribution due Unit to the County Economic Development Income Tax Fund to be under the direct control of Commissioners and Unit confirms the County Treasurer shall transfer such share directly to Commissioners.
(D) Commissioners agree to utilize the funds received by reason of this designation in conjunction with all other E.D.I.T. funds so designated by other taxing units in the county for the construction, acquisition and financing of a county jail.
(E) Council shall assume by the execution of this designation that Unit favors the adoption of an ordinance which imposes an economic development income tax upon the taxpayers of the county.
(F) This agreement shall become binding in the event of adoption of the proposed ordinance by Council, and shall remain in full force and effect so long as a certified distribution of E.D.I.T. funds are utilized for the construction, acquisition, financing or debt retirement of the county.
(G) The undersigned represent that they have full authorization to execute this agreement in order to bind Council, Commissioners and Unit to the terms hereof. This agreement shall be binding upon the parties, their agents, successors and assigns. This agreement shall be controlled and construed pursuant to state law, and it shall not be modified except by written instrument signed by all parties.
(Ord. passed 3-15-1995)