Sec. 1. (a) The development board shall establish and administer a development authority revenue fund.

(b) The development authority revenue fund consists of the following:

(1) Riverboat admissions tax revenue, riverboat wagering tax revenue, or riverboat incentive payments received by a city or county described in IC 36-7.5-2-3(b) and transferred by the county or city to the fund.

(2) Local income tax revenue dedicated to economic development purposes by a county or city and transferred by the county or city to the fund.

(3) Amounts distributed under IC 8-15-2-14.7.

(4) Food and beverage tax revenue deposited in the fund under IC 6-9-36-8.

(5) Funds received from the federal government.

(6) Appropriations to the fund by the general assembly.

(7) Other local revenue appropriated to the fund by a political subdivision.

(8) Amounts transferred to the fund under IC 36-7.5-4.5.

(9) Gifts, donations, and grants to the fund.

(c) The development board shall establish any accounts in the fund that are necessary or appropriate to carry out the powers and duties of the development authority.

(d) The development board shall establish separate accounts for funding that are expressly committed to:

(1) the mainline double tracking project; or

(2) the West Lake corridor project.

(e) A separate fund or account may be established to comply with the requirements of:

(1) a grant received from any federal agency or department;

(2) a grant received from the state;

(3) state appropriations;

(4) gifts, bequests, or donations;

(5) the issuance of obligations;

(6) the execution of leases; or

(7) any other purpose.

(f) Except as otherwise provided by law, agreement with holders of any obligations of the development authority, or subsection (g), all money transferred to the development authority revenue fund under subsection (b)(1), (b)(2), and (b)(4) shall be used only for the payment of or to secure the payment of obligations of an eligible political subdivision under a lease entered into by an eligible political subdivision and the development authority under this chapter. Money not pledged to payment of any existing or future leases or reasonably necessary for the purposes of this article may be returned by the treasurer of the development authority to the respective counties and cities that contributed the money to the development authority.

(g) If the amount of money transferred to the development authority revenue fund under subsection (b)(1), (b)(2), and (b)(4) for deposit in the lease rental account in any one (1) calendar year is greater than an amount equal to:

(1) one and twenty-five hundredths (1.25); multiplied by

(2) the total of the highest annual debt service on any bonds then outstanding to their final maturity date, which have been issued under this article and are not secured by a lease, plus the highest annual lease payments on any leases to their final maturity, which are then in effect under this article;

all or a portion of the excess may instead be deposited in the general account.

(h) Except as otherwise provided by law or agreement with the holders of obligations of the development authority, all other money and revenues of the development authority may be used for any purpose authorized by this article.

(i) The development authority revenue fund shall be administered by the development authority.

(j) Money in the development authority revenue fund shall be used by the development authority to carry out this article and does not revert to any other fund.

(k) This section includes full authority for the creation of any fund or account by the development authority and for an agreement with any person to hold or manage a fund or account.

As added by P.L.214-2005, SEC.73. Amended by P.L.182-2009(ss), SEC.425; P.L.197-2016, SEC.142; P.L.229-2017, SEC.39; P.L.248-2017, SEC.6; P.L.86-2018, SEC.350; P.L.189-2018, SEC.171.