(A) As authorized by I.C. 6-9-35-14, money in the Food and Beverage Tax Fund shall be used by the town:
(1) To reduce the town's property tax levy for a particular year at the discretion of the Town Council which shall not reduce the maximum permissible levy under I.C. 6-1.1-18.5 for the town; or
(2) For any legal or corporate purpose of the town, including the pledge of money to bond, leases, or other obligations under I.C. 5-1-14-4.
(B) Revenue derived from the imposition of the Food and Beverage Tax may be treated by the town as additional revenue for the purpose of fixing its budget for the budget year during which the revenues are to be distributed to the town.
(Ord. 2023-26, passed 11-20-2023)