CHAPTER 4.32:
Allocation Funds

Section

4.32.010    Fund No. 247 – TIF allocation fund.

4.32.010 FUND NO. 247 – TIF ALLOCATION FUND.

(A) Revenues. For the receipt of TIF funds received by the City of Southport Redevelopment Commission and collected by the Marion County Treasurer through biannual billing.

(B) Expenditures.

(1) For the repair and upgrading of infrastructure within the redevelopment area;

(2) For new construction, extensions, or additions to the infrastructure;

(3) To transfer to the bond and interest redemption account to prevent default;

(4) The disposition of any remaining funds at that time will be determined by their origin and Indiana Code pertaining to the origin of the said funds and their use. (Ord. 2020.02 §§ 1, 2, passed 8-17-2020)