1. (a) If a tax is imposed under section 3 of this chapter, the fiscal body of the municipality shall establish a food and beverage tax receipts fund.
2. (b) The fiscal officer of the municipality shall deposit in this fund all amounts received under this chapter.
3. (c) Any money earned from the investment of money in the fund becomes a part of the fund.

4. (d) Money in this fund shall be used by the municipality to:

   1. (1) finance, construct, improve, equip, operate, and maintain public parking and public restroom facilities;
   2. (2) renovate, equip, operate, and maintain any structure that may be used as a public parking or public restroom facility;
   3. (3) finance, construct, improve, equip, operate, and maintain sidewalks and other streetscape improvements; or

   4. (4) provide grants to businesses located within the municipality that meet the criteria developed under subsection (e) to be used for:

      1. (A) exterior improvements to the building in which the business is located, including signage, lighting, and decor improvements; and

      2. (B) architectural or engineering services or consultation.

         The municipality may enter into lease or contractual arrangements, or both, with governmental, not-for-profit, or other private entities to operate and maintain these facilities and improvements.

5. (e) The fiscal body of the municipality shall develop criteria for awarding a grant under subsection (d)(4), including eligibility requirements, grant guidelines, and an application process.

As added by P.L.111-1987, SEC.1. Amended by P.L.65-2013, SEC.1; P.L.137-2022, SEC.89.