(a) The board of directors of any port authority may, by resolution, recommend to any municipal corporation or county that a cumulative channel maintenance fund be established under IC 6-1.1-41 to provide funds for the:

1. (1) dredging of channels;
2. (2) cleaning of channels and shores of debris and any other pollutants;
3. (3) purchase, renovation, construction, or repair of bulkheads, pilings, docks, and wharves;
4. (4) purchase and development of land adjoining channels within the jurisdiction of the port authority and which land is necessary to the fulfillment of the plan adopted by the port authority for the future development, construction, and improvement of its facilities. The purchased and developed land shall be available to the residents of the taxing district without further charge; or
5. (5) regulation and enforcement of regulation of all uses and activities related to waters that are under the jurisdiction of the port authority.

(b) To provide for the cumulative channel maintenance fund:

1. (1) a county, city, or town fiscal body may levy a tax in compliance with IC 6-1.1-41 not to exceed three and thirty-three hundredths cents ($0.0333) on each one hundred dollars ($100) on all taxable property within the county, town, or city; and

2. (2) a city described in sections 22(a) and 23(a) of this chapter may impose the following:

   1. (A) An annual docking fee under section 22 of this chapter.
   2. (B) A marina launch fee under section 23 of this chapter.

(c) The revenue from a tax, an annual docking fee, or a marina launch fee collected under subsection (b) shall be held in the cumulative channel maintenance fund established under subsection (a).

Formerly: Acts 1959, c.343, s.16; Acts 1972, P.L.67, SEC.1. As amended by Acts 1981, P.L.11, SEC.53; P.L.8-1989, SEC.53; P.L.17-1995, SEC.7; P.L.6-1997, SEC.133; P.L.34-2004, SEC.1.