Sec. 7. (a) The county treasurer shall establish a convention and tourism fund and shall deposit in the fund all money the county treasurer receives under section 6 of this chapter.

     (b) The county treasurer shall establish an account of the fund into which the treasurer shall deposit all tax revenues received from the imposition of the additional tax rate under section 6(g) of this chapter. Money in the account shall be expended to pay:

(1) debt service on bonds issued by the county to finance facilities described in section 5(b)(6) of this chapter; or

(2) interest on obligations entered into by a person with whom the board has entered into a contract to assist in financing facilities described in section 5(b)(6) of this chapter.

     (c) Money in the fund shall be expended by the board to develop and promote the convention and tourism industry.

As added by Acts 1980, P.L.64, SEC.1. Amended by P.L.224-2003, SEC.251.