Sec. 16. (a) The fiscal officer of the unit shall establish a flood control improvement fund for each flood control improvement district that is established within the jurisdiction of the unit.
(b) The fiscal officer of the unit shall deposit in the fund of a district:
(1) property tax proceeds allocated from the district to the fund under section 13 of this chapter; and
(2) proceeds from the sale of bonds under section 17 of this chapter for flood control works within the boundaries of the district for which the fund is established.
(c) The commission shall administer the fund.
(d) Money in a fund must be used only for flood control works projects within boundaries of the district for which the fund was established as set forth under this chapter.
(e) Money in a fund may be transferred or expended for the purposes set forth in this chapter without further appropriation by the fiscal body of the unit.
(f) Any money remaining in a fund after the expiration of the flood control improvement district under section 20(a) of this chapter shall be transferred to the storm water fund of the unit to be used exclusively to provide for the maintenance and repair of flood control works within the flood control improvement district after its expiration.
As added by P.L.61-2018, SEC.1.