Note: This version of section amended by P.L.229-2017, SEC.39. See also following version of this section amended by P.L.248-2017, SEC.6.

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

   1. (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. (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. (3) Amounts distributed under IC 8-15-2-14.7 .
   4. (4) Food and beverage tax revenue deposited in the fund under IC 6-9-36-8 .
   5. (5) Funds received from the federal government.
   6. (6) Appropriations to the fund by the general assembly.
   7. (7) Other local revenue appropriated to the fund by a political subdivision.
   8. (8) Gifts, donations, and grants to the fund.
2. (c) The development authority shall establish a development authority fund. The development board shall establish and administer a general account, a lease rental account, and such other accounts in the fund as are necessary or appropriate to carry out the powers and duties of the development authority. Except as otherwise provided by law, agreement with holders of any obligations of the development authority, or subsection (d), all money transferred to the development authority fund under subsection (b)(1), (b)(2), and (b)(4) shall be deposited in the lease rental account and 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 deposited in the lease rental account and 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.

3. (d) If the amount of money transferred to the development authority 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. (1) one and twenty-five hundredths (1.25); multiplied by

   2. (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.

4. (e) 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 deposited in the general account or the lease rental account at the discretion of the development board. Money on deposit in the lease rental account may be used only to make rental payments on leases entered into by the development authority under this article. Money on deposit in the general account may be used for any purpose authorized by this article.
5. (f) The development authority fund shall be administered by the development authority.
6. (g) Money in the development authority fund shall be used by the development authority to carry out this article and does not revert to any other fund.

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

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.