Sec. 5. (a) The Lake County economic development and convention fund is established. The fund shall be administered by the development authority.

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Terms Used In Indiana Code 36-7.5-7-5

  • convention fund: means the Lake County economic development and convention fund established by section 5 of this chapter. See Indiana Code 36-7.5-7-3
  • 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.
  • Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5
     (b) The convention fund consists of:

(1) deposits under IC 4-33-13-2.5(b)(2);

(2) deposits under subsection (c);

(3) appropriations to the fund;

(4) gifts, grants, loans, bond proceeds, and other money received for deposit in the fund; and

(5) other deposits or transfers of funds from local units located in Lake County.

     (c) If a proposal is approved as provided under this chapter, each state fiscal year, beginning with the first state fiscal year that begins after the proposal is approved, the approved entity shall deposit up to five million dollars ($5,000,000) in the convention fund.

     (d) The development authority shall administer money, including determining amounts to be used and the specific purposes, from the convention fund.

     (e) Except as provided in section 8(d) of this chapter, the money remaining in the convention fund at the end of a state fiscal year does not revert to the state general fund.

     (f) Money in the convention fund is continuously appropriated for the purposes of this chapter.

     (g) Subject to budget committee review, but except as provided in subsection (i), the development authority may receive reimbursement for expenses incurred and a reasonable and customary amount for providing administrative services from money in the convention fund.

     (h) The development authority shall quarterly report to the budget committee on all uses of money in the convention fund and the status of the convention and event center project.

     (i) The development authority shall conduct an updated feasibility study related to a potential convention and event center located in Lake County. The development authority shall be reimbursed for the costs of obtaining the updated feasibility study from money in the fund. Budget committee review is not required for reimbursement under this subsection.

As added by P.L.195-2023, SEC.7.

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