Sec. 7. (a) As used in this section, “eligible entity” means a person whose principal functions include the provision of:

(l) educational programs;

(2) work training programs;

(3) worker retraining programs;

(4) marketing and advertising of land located in an allocation area; or

(5) any other programs;

designed to prepare individuals to participate in the competitive and global economy.

     (b) After making the findings set forth in subsection (c), a commission, or two (2) or more commissions acting jointly, may contract with an eligible entity to provide:

(1) educational programs;

(2) work training programs;

(3) worker retraining programs;

(4) marketing and advertising of land located in an allocation area; or

(5) any other programs;

designed to prepare individuals to participate in the competitive and global economy.

     (c) Before a commission may contract for a program described in subsection (b), the commission must find that the program will promote the redevelopment and economic development of the unit, is of utility and benefit, and is in the best interests of the unit’s residents.

     (d) Except as provided in subsection (e), a commission may use any revenues legally available to the commission to fund a program described in subsection (b).

     (e) A commission may not spend:

(1) bond proceeds; or

(2) more than fifteen percent (15%) of the allocated tax proceeds it receives on an annual basis;

to fund a program described in subsection (b). However, of the amount available under subdivision (2), not more than seven and one-half percent (7.5%) of that amount may be used for a use described in subsection (b)(4).

As added by P.L.182-2009(ss), SEC.513. Amended by P.L.46-2022, SEC.2.