1. (a) If a district is established in a member county, the development authority shall create a south shore improvement and development fund. The development authority shall establish a separate account in the fund for each district. If more than one (1) municipality has territory within the district, a subaccount shall be established for each municipality. The fund shall be administered by the development authority. The development authority shall deposit in the appropriate district account in the fund all amounts received under this chapter from the following:

   1. (1) Distributions of local income tax increment revenue from the state.
   2. (2) Distributions of property tax increment revenue from counties.

2. (b) If a district is established in a cash participant county, the redevelopment commission having territory in the district shall create a south shore improvement and development fund. The fund shall be administered by the redevelopment commission. The redevelopment commission shall deposit in the fund all amounts received under this chapter from the following:

   1. (1) Distributions of district local income tax increment revenue from the state.
   2. (2) Distributions of district property tax increment revenue from the county auditor.
3. (c) The local income tax increment revenue and the local property tax increment revenue received by the development authority or redevelopment commission from each district shall be spent by the development authority or redevelopment commission on projects within the district from which the revenue was collected.

As added by P.L.248-2017, SEC.10.