(A) Creation of an EDIT Fund. There is hereby established an Economic Development Income Tax Fund to receive distribution income taxes from the county.
(B) Purpose of the Fund. The funds on deposit in the EDIT Fund may be used for development projects within the town under I.C. 6-3.5-7-15.
(C) Appropriations. The Town Council may authorize the expenditure of funds from the EDIT Fund by appropriations made in the same manner as other funds that are appropriated upon making a finding that the proposed use of the funds is consistent with the intent of the Fund.
(Ord 600, passed 12-20-2007)