Money in the food and beverage tax receipts fund must be used by the town only for the following purposes:
- (1) For economic development purposes, including the pledge of money under IC 5-1-14-4 for bonds, leases, or other obligations for economic development purposes.
- (2) For park and recreation purposes, including the purchase of land for park and recreation purposes.
- (3) The pledge of money under IC 5-1-14-4 for bonds, leases, or other obligations incurred for a purpose described in subdivision (2).
As added by P.L.157-2026, SEC.196.