1. (a) The fiscal officer of an adopting municipality shall deposit the wheel tax revenues in a fund to be known as the "municipal wheel tax fund".

2. (b) An adopting municipality may use the wheel tax revenues that the municipality receives under this section only:

   1. (1) to construct, reconstruct, repair, or maintain streets and roads under its jurisdiction;
   2. (2) as a contribution to an authority established under IC 36-7-23 ; or
   3. (3) for the county's, city's, or town's contribution to obtain a grant from the local road and bridge matching grant fund under IC 8-23-30 .

As added by P.L.146-2016, SEC.12.