§ 36.02. RIVERBOAT FUND.

Latest version.

(A) The Town of Albany establishes a Riverboat Fund to deposit tax revenue it receives from riverboat gambling under I.C. 4-33-12-6.
(B) The money in the Riverboat Fund may be used for any legal or corporate business of the town, including the pledge of money to bonds, leases or other obligations under I.C. 5-1-14.4.
(C) The money in the Riverboat Fund may not be used to reduce the town’s maximum levy under I.C. 6-1.1-18.5, but may be used at the discretion of the Town Board to reduce the property tax levy of the town for a particular year.
(D) The expenses of administering the Riverboat Fund shall be paid from money in the Fund.
(E) Money in the Riverboat Fund not currently needed to meet the obligations of the Fund may be invested in the same manner as other public funds may be invested. Interest that accrues from these investments shall be deposited in the Fund.
(F) Money in the Riverboat Fund at the end of a particular fiscal year does not revert to the town’s General Fund.
(Ord. 2004-14, passed 5-24-04)

                    
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