Sec. 25. (a) The commission shall deposit special assessments received under section 22 of this chapter into a segregated account maintained by the commission. Except as provided in subsection (b), special assessments deposited into the account may not be transferred into other accounts belonging to the commission. Money in the account may be used only for the following purposes:
(1) To pay expenses directly related to the acquisition, construction, or improvement of real property, a facility, a betterment, or an improvement constituting part of a project of the commission, including acquisition of the site for a project.
(2) To pay expenses directly related to the operation, repair, and maintenance of flood protection systems within the basin.
(3) To pay the annual installment and interest on a loan or other financial assistance received under IC 5-1.2-13.
(b) The commission shall establish an account for reimbursing landowners for damages incurred through the use of the landowners' land for flood storage. The account consists of money transferred from the segregated account described in subsection (a). The commission may transfer amounts considered appropriate by the commission.
As added by P.L.282-2019, SEC.8.