(A) A Racino Wagering Fee Fund is established under the auspices of the Clerk- Treasurer of the city.
(B) Pursuant to I.C. 4-35-8.5-4, the monies collected and deposited in the Racino Wagering Fee Fund may only be used for the following purposes:
(1) Money in the Racino Wagering Fee Fund may be used for any legal or corporate purpose.
(2) Pursuant to I.C. 36-1-14-1, monies collected and deposited in the Racino Wagering Fee Fund may be used to donate to a charitable foundation under the following conditions:
(a) The foundation is a charitable nonprofit community foundation.
(b) The foundation retains all rights to the donation, including investment powers.
(c) The foundation agrees to do the following:
1. Hold the donation as a permanent endowment.
2. Distribute the income from the donation only to the unit as directed by resolution of the fiscal body of the unit.
3. Return the donation to the general fund of the unit if the foundation:
a. Loses the foundation's status as a public charitable organization;
b. Is liquidated; or
c. Violates any condition of the endowment set by the fiscal body of the unit.
(Ord. 08-2617, passed 8-18-08; Am. Ord. 09-2630, passed 8-3-09; Am. Ord. 21-2922, passed 9-20-21)