IC 6-9-79-9: Uses of money in fund

Sec. 9. Money in the food and beverage tax receipts fund must be used by the city only for the following purposes:

(1) Economic development and tourism related purposes or facilities, including the purchase of land for economic development or tourism related purposes.

(2) The pledge of money under IC 5-1-14-4 for bonds, leases, or other obligations incurred for a purpose described in subdivision (1).

Revenue derived from the imposition of a tax under this chapter may be treated by the city as additional revenue for the purpose of fixing its budget for the budget year during which the revenues are to be distributed to the city.