Sec. 30. (a) If a motorsports investment district is established under this chapter, the commission, or the authority for and on behalf of the commission, shall establish a motorsports investment district fund for the motorsports investment district. The fund shall be administered by the commission. Except as provided in subsection (g), money in the fund does not revert to the state general fund at the end of a state fiscal year.

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Terms Used In Indiana Code 5-1-17.5-30

  • Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
  • authority: refers to the Indiana finance authority. See Indiana Code 5-1-17.5-4
  • bonds: has the meaning set forth in Indiana Code 5-1-17.5-6
  • commission: refers to the Indiana motorsports commission created by this chapter. See Indiana Code 5-1-17.5-9
  • Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
  • Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
  • motorsports investment district: means the geographic area established as a motorsports investment district under this chapter. See Indiana Code 5-1-17.5-11
  • Trustee: A person or institution holding and administering property in trust.
  • Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5
     (b) The commission shall deposit amounts appropriated to the commission in the motorsports investment district fund as provided in this chapter.

     (c) The commission shall request that the general assembly make an appropriation not to exceed five million dollars ($5,000,000) to the commission for deposit in the motorsports investment district fund in each state fiscal year following the creation of the motor sports investment district fund, until the earlier of:

(1) the date that is twenty-two (22) years after the date on which appropriations are first deposited in the motorsports investment district fund; or

(2) the date on which all bonds issued by the authority under section 37 of this chapter are no longer deemed outstanding.

The commission may use money in the motorsports investment district fund for the purposes of this chapter.

     (d) Amounts held in the motorsports investment district fund may be distributed to a trustee of any bonds that are issued or to be issued by the authority under section 37 of this chapter and that are secured by rent to be paid by the commission under a lease entered into with the authority under section 32 of this chapter.

     (e) In addition, to the extent the rent due in a state fiscal year under leases of structures or other capital improvements that are within a motorsports investment district is anticipated to be insufficient to pay debt service on bonds issued under section 37 of this chapter, when due in that state fiscal year, the authority shall make the request under subsection (c) upon reaching the determination.

     (f) Money in the motorsports investment district fund may be used by the commission, the authority, or a trustee for the following:

(1) Payment of the rent due under leases of structures or other capital improvements that are located within a motorsports investment district.

(2) Payment of all expenses incurred by the commission or the authority in connection with the exercise of its duties and obligations set forth in this chapter, including those incurred in connection with the establishment of the motorsports investment district.

(3) Payment of debt service on bonds issued under section 37 of this chapter, but only to the extent of any deposit made to the motorsports investment district fund from appropriations requested under subsection (e) or section 30.5(d) of this chapter.

     (g) On the date that all bonds issued by the authority under section 37 of this chapter are no longer deemed outstanding and all expenses incurred by the commission or the authority in connection with the exercise of its duties and obligations set forth in this chapter have been paid, all money then remaining on deposit in the motorsports investment district fund reverts to the state general fund.

As added by P.L.233-2013, SEC.5. Amended by P.L.213-2015, SEC.55; P.L.149-2016, SEC.16.

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