1. (a) If the county fiscal body adopts an ordinance to increase the tax rate to a rate that exceeds five percent (5%), the county treasurer shall establish a tourism capital fund. The county treasurer shall deposit in the tourism capital fund the amount of money received under section 3 of this chapter attributable to a tax rate that exceeds five percent (5%).
2. (b) The county auditor shall issue a warrant directing the county treasurer to transfer money from the tourism capital fund to the commission's treasurer if the commission submits a written request for the transfer.

3. (c) Money deposited in the tourism capital fund shall be transferred or expended only as provided in this section and may be used as follows:

   1. (1) To fund a riverfront park and festival grounds.
   2. (2) Economic development and tourism related purposes.
   3. (3) The pledge of money under IC 5-1-14-4 for bonds, leases, or other obligations incurred for a purpose described in subdivisions
   4. (1) and (2).

As added by P.L.230-2025, SEC.125.