Sec. 9. (a) This section applies to revenues from the county food and beverage tax received by the county before July 1, 1994.

     (b) Money in the fund established under section 8 of this chapter shall be used by the county in the following order:

(1) To pay debt service on bonds issued under IC 36-2-6-18 through IC 36-2-6-20, including up to two (2) years interest, to finance:

(A) the acquisition, construction, or equipping of a basketball hall of fame;

(B) all reasonable and necessary architectural, engineering, legal, financing, accounting, advertising, bond discount, and supervisory expenses related to the acquisition, construction, or equipping of a basketball hall of fame or the issuance of bonds; and

(C) the establishment or maintenance of a debt service reserve fund for the bonds or any other reasonable or necessary reserve funds to operate, repair, maintain, or improve a basketball hall of fame.

(2) To redeem or prepay bonds after meeting all requirements of any bond ordinance.

(3) To reimburse the county or any nonprofit corporation for any money advanced for purposes of this chapter.

     (c) Money held in the fund established under section 8 of this chapter shall be held until distribution under subsection (b).

     (d) The county auditor shall make a semiannual distribution, at the time property tax revenue is distributed, to the paying agent for any bonds described in subsection (b)(1). Each semiannual distribution must be equal to principal and interest obligations on the bonds on the next interest payment date. Money received by a paying agent under this subsection shall be deposited in a special fund to be used to service the bonds.

As added by P.L.380-1987(ss), SEC.7. Amended by P.L.75-1988, SEC.4; P.L.50-1994, SEC.2.