Sec. 13. (a) Any recipient of an economic development payment must deposit the economic development payment into a separate and segregated bank account not later than five (5) days after its receipt.
(b) The bank account referenced in subsection (a):
(1) must allow expenditures only in accordance with the terms of the development agreement;
(2) must be used to account for and report the proceeds of economic development payments; and
(3) must be maintained at an FDIC insured bank that is located in and has a corporate presence in the State of Indiana.
As added by P.L.82-2011, SEC.1.
Structure Indiana Code
Title 4. State Offices and Administration
Article 33. Riverboat Gambling
Chapter 23. Administration of Local Development Agreements
4-33-23-2. "Development Agreement"
4-33-23-3. "Development Provider"
4-33-23-4. "Economic Development Payment"
4-33-23-5. "Specified Recipient"
4-33-23-6. "Unspecified Recipient"
4-33-23-7. Commission Jurisdiction Over Development Agreements
4-33-23-8. Development Agreements; Required Statement
4-33-23-9. Development Agreements; Economic Development Payments
4-33-23-10. Annual Reports of Development Providers
4-33-23-11. Restrictions on Parties to Development Agreements and Recipients
4-33-23-12. Nonprofit Specified Recipients; Conflict of Interest Statements
4-33-23-13. Economic Development Payments; Deposits
4-33-23-14. Development Agreement Modifications
4-33-23-15. Modifications Following Commission Disapproval of an Economic Development Agreement
4-33-23-16. Filings Made Available to the Attorney General Upon Request
4-33-23-17. Political Subdivision Reporting to the Department of Local Government Finance