1. (a) The county treasurer shall deposit in the tourism capital fund the amount of money received under section 3 of this chapter that exceeds five percent (5%). Money deposited in the tourism capital fund shall be transferred or expended only as provided in this section.

2. (b) The commission must approve any transfer of money from the tourism capital fund and may transfer money from the tourism capital fund to support capital projects in the county that promote long term tourism, convention, or recreation projects proposed by any of the following:

   1. (1) The county government.
   2. (2) A city government.
   3. (3) A separate body corporate and politic in Hamilton County.

   4. (4) Any Indiana nonprofit corporation in Hamilton County.

      The commission may transfer money under this subsection on a monthly basis or at another frequency as determined by the commission.

3. (c) The commission may also review and approve proposals submitted by applicants that seek money from the tourism capital fund with the purpose and view of enhancing or providing support for capital projects that promote long term tourism, convention, or other economic development related to recreation. Funding available under this subsection shall be made available on an annual basis. In determining whether to provide funding to a particular capital project under this subsection, the commission may use the following factors as a guide for capital project funding:

   1. (1) The proposed capital project is believed to be economically sound to the Hamilton County tourism, convention, or recreation economy and is also believed to be beneficial to:

      1. (A) the general population of Hamilton County; or
      2. (B) a particular location in Hamilton County.
   2. (2) The proposed capital project provides for reasonably adequate public assembly, gathering, or entertainment space and is integrally related to enhancing the tourism, convention, or recreation opportunities in Hamilton County or a particular location in Hamilton County.

   3. (3) The commission makes a reasonable effort to assess whether a proposed capital project aligns with the purpose of the commission and has a direct, indirect, or supportive relationship to the mission and promotional efforts of the commission as established and funded by the convention, visitor, and tourism promotion fund.

      A capital project proposed by an applicant that does not meet at least one (1) of the criteria set forth in this subsection will not be funded, and any remaining funds collected revert to the tourism capital fund for distribution by the commission on projects within Hamilton County.

4. (d) An applicant that receives a grant of money from the tourism capital fund under subsection (c):

   1. (1) must agree to provide to the commission proof of project completion, including proof that the project was completed through the use of the grant money; and
   2. (2) may be subject to annual financial reporting and audit.

As added by P.L.236-2023, SEC.121.