1. (a) Any recipient of an economic development payment must deposit the economic development payment into a separate and segregated bank account not later than five (5) days after its receipt.

2. (b) The bank account referenced in subsection (a):

   1. (1) must allow expenditures only in accordance with the terms of the development agreement;
   2. (2) must be used to account for and report the proceeds of economic development payments; and
   3. (3) must be maintained at an FDIC insured bank that is located in and has a corporate presence in the State of Indiana.

As added by P.L.82-2011, SEC.1.