Sec. 5. (a) For purposes of this section, “person” includes a sole proprietorship, a partnership, an association, a corporation, a limited liability company, a fiduciary, or an individual.

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Terms Used In Indiana Code 6-9-10-5

  • Contract: A legal written agreement that becomes binding when signed.
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Fiduciary: A trustee, executor, or administrator.
  • 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
  • Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
     (b) The board may:

(1) accept and use gifts, grants, and contributions from any public or private source, under terms and conditions which the board deems necessary and desirable;

(2) sue and be sued;

(3) enter into contracts and agreements;

(4) make rules and regulations necessary for the conduct of its business and the accomplishment of its purposes;

(5) receive and approve, alter, or reject requests and proposals for funding by organizations; and

(6) either:

(A) finance facilities; or

(B) enter into contracts with a person to assist in the financing of facilities;

to be used by the board or a person to promote the development and growth of the convention and tourism industry in the county.

     (c) By resolution of the board and by ordinance of the county fiscal body, the board and the county may jointly:

(1) pledge tax revenues received under this chapter to pay:

(A) the principal of or interest on bonds;

(B) the lease rental payments on leases; or

(C) other obligations of the county;

to finance facilities described in subsection (b)(6); or

(2) require financial or other reports from:

(A) any organization that receives funds under this chapter; or

(B) any person who receives assistance to finance facilities under this chapter.

     (d) The board may pledge tax revenues received under this chapter to pay the interest on obligations entered into by a person with whom the board has entered into a contract to assist in financing facilities under subsection (b)(6).

     (e) A pledge of revenues under this section is enforceable under IC 5-1-14-4.

As added by Acts 1980, P.L.64, SEC.1. Amended by P.L.224-2003, SEC.249.

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