1. (a) The enterprise zone fund is established within the state treasury.

2. (b) The fund consists of:

   1. (1) the revenue from the registration fee required under section 5 of this chapter; and
   2. (2) appropriations from the general assembly.

3. (c) The corporation shall administer the fund. The fund may be used to:

   1. (1) pay the expenses of administering the fund;
   2. (2) pay nonrecurring administrative expenses of the enterprise zone program;
   3. (3) provide grants to U.E.A.s for brownfield remediation in enterprise zones; and

   4. (4) pay administrative expenses of urban enterprise associations.

      However, money in the fund may not be expended unless it has been appropriated by the general assembly and allotted by the budget agency.

4. (d) The treasurer of state shall invest the money in the fund not currently needed to meet the obligations of the fund in the same manner as other public funds may be invested. Interest that accrues from these investments shall be deposited in the state general fund.
5. (e) Money in the fund at the end of a state fiscal year does not revert to the state general fund. The corporation shall develop appropriate applications and may develop grant allocation guidelines, without complying with IC 4-22-2 , for awarding grants under this subsection. The grant allocation guidelines must take into consideration the competitive impact of brownfield redevelopment plans on existing zone businesses.
6. (f) Any money remaining in the fund upon the expiration of this section shall be transferred to the economic development fund established under IC 5-28-8-5 .
7. (g) This section expires December 31, 2018.

As added by P.L.4-2005, SEC.34. Amended by P.L.214-2005, SEC.9; P.L.146-2018, SEC.6.