Money in the food and beverage tax receipts fund must be used by the city only for the following purposes:

1. (1) Park and recreation purposes, including the purchase of land for park and recreation purposes.
2. (2) Economic development and tourism related purposes or facilities, including the purchase of land for economic development or 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.157-2026, SEC.198.