Sec. 4. (a) To provide money for the purposes set forth in section 3 of this chapter, the unit shall create a special revolving fund to be known as the industrial development fund, into which any available and unappropriated money of the unit may be transferred by the unit's legislative body.
(b) The legislative body may also by ordinance levy a tax not to exceed one and sixty-seven hundredths cents ($0.0167) on each one hundred dollars ($100) of assessed value of all personal and real property within its jurisdiction. The proceeds of this tax shall be deposited in the industrial development fund. The unit may collect the tax as other municipal or county taxes are collected, or may set up a system for the collection and enforcement of the tax in the unit. Money in the industrial development fund may be used for any purpose authorized by this chapter and may be pledged for the payment of principal and interest on bonds or other obligations issued under this chapter.
[Pre-Local Government Recodification Citation: 18-7-14-4.]
As added by Acts 1981, P.L.309, SEC.32. Amended by Acts 1981, P.L.310, SEC.77; P.L.262-1993, SEC.3; P.L.6-1997, SEC.208; P.L.125-1998, SEC.10; P.L.125-1998, SEC.11; P.L.203-2005, SEC.8.
Structure Indiana Code
Article 7. Planning and Development
Chapter 13. Industrial Development
36-7-13-1. Application of Chapter
36-7-13-2.4. "Gross Retail Base Period Amount"
36-7-13-2.6. "Gross Retail Incremental Amount"
36-7-13-3. "Improve"; Authority to Acquire, Own, and Deal in Real Property; Expenditure of Funds
36-7-13-3.2. "Income Tax Base Period Amount"
36-7-13-3.4. "Income Tax Incremental Amount"
36-7-13-3.8. "State and Local Income Taxes"
36-7-13-4. Industrial Development Fund; Tax Levy
36-7-13-5. Advisory Commission on Industrial Development; Creation; Membership; Duties
36-7-13-5.5. Sales or Leases of Property Acquired for Industrial Development
36-7-13-6. Industrial Development Fund; Payments and Deposits
36-7-13-7. Title to Real Property
36-7-13-8. Property Acquired by or From Unit; No Tax Exemption
36-7-13-9. Transfer of Surplus Funds; Cessation of Tax Levy
36-7-13-10. Application for Designation of District
36-7-13-10.1. Application for Designation of District in First or Second Class City
36-7-13-12.3. Designation of Districts After 2010; Requirements
36-7-13-14. Tax Incremental Amount Calculations; District Business Duties
36-7-13-15. Incremental Tax Financing Funds
36-7-13-16. Issuance of Bonds or Other Obligations
36-7-13-17. Pledge of Money in Industrial Development Fund
36-7-13-18. Goals or Benchmarks for Property Development or Redevelopment
36-7-13-19. Termination of District
36-7-13-20. Covenant Not to Adversely Affect Owners of Bonds or Obligations
36-7-13-21. Written Agreements for Joint Economic Development Projects
36-7-13-22. Terms of Written Agreement for Joint Economic Development Project