1. (a) The local professional sports development fund is created. The commission may make expenditures from the fund only to accomplish the purposes of this chapter.

2. (b) The fund consists of the following:

   1. (1) Grants, gifts, and donations intended for deposit in the fund.
   2. (2) Interest that accrues from money in the fund.
   3. (3) Money from any other source deposited in the fund.

3. (c) The commission shall do the following:

   1. (1) Hold the fund in the name of the commission.
   2. (2) Administer the fund.
   3. (3) Make all expenditures from the fund.

As added by P.L.119-2025, SEC.1.