Sec. 6.3. (a) As used in this section, "zoo fund" refers to the Potawatomi Zoo fund.
(b) Beginning after June 30, 2019, and subject to subsection (d), the amount of revenue collected by the county treasurer under section 5 of this chapter as a result of a one percent (1%) rate shall be deposited as follows:
(1) Forty percent (40%) shall be deposited quarterly in the zoo fund.
(2) Sixty percent (60%) shall be deposited as set forth in section 6.2 of this chapter.
In the event that section 6.2 of this chapter expires and the tax rate is decreased as set forth in section 5(c) of this chapter, the amount of revenue deposited in the zoo fund under subdivision (1) shall not be affected and the reduction in tax revenue collected by the county treasurer under section 5 of this chapter as a result of the decrease in the rate shall only be allocated to reduce the quarterly deposit in the convention and exhibition center fund under section 6(c) of this chapter.
(c) Money in the zoo fund shall be expended by the board of managers to:
(1) finance projects for the Potawatomi Zoo located in the city of South Bend that are included in the Potawatomi Zoo's capital improvement master plan as in effect on July 1, 2019; and
(2) refund bonds issued or pay other obligations incurred for a purpose described in subdivision (1), make lease payments incurred, or retire bonds issued to finance projects for the Potawatomi Zoo located in the city of South Bend as described in subdivision (1).
(d) This section expires and the tax rate imposed under this chapter shall be decreased as set forth in section 5(c) of this chapter on the later of:
(1) July 1, 2024; or
(2) the date on which any bonds, leases, or debt obligations that are financed with tax revenue in the zoo fund have expired or been paid.
As added by P.L.108-2019, SEC.139.
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