(A) There is hereby created a Riverboat Wagering Tax Revenue Sharing Distribution Fund.
(B) All such funds received by the town shall be deposited into the Fund and maybe used for the following purposes:
(1) To reduce the property levy of the town. This reduction of property tax levy does not reduce the maximum levy of the town;
(2) To fund additional property tax replacement credits in property tax increment allocation areas;
(3) To fund sewer and water projects, including storm water management projects;
(4) For police and fire pensions;
(5) To carry out any governmental purpose for which the fiscal body of the town appropriates the riverboat wagering tax revenue sharing. The riverboat wagering tax revenue sharing used for this purpose does not reduce the property tax levy of the town or reduce the maximum levy of the town.
(Ord. 03-17, passed 9-9-03)