Sec. 8.5. (a) This section applies only to tax revenue collected from an inland casino located in Vigo County.
(b) The treasurer of state shall pay the following amounts from taxes collected during the preceding calendar quarter from the inland casino located in Vigo County:
(1) Forty percent (40%) to the city of Terre Haute.
(2) Thirty percent (30%) to Vigo County.
(3) Fifteen percent (15%) to the Vigo County school corporation.
(4) Fifteen percent (15%) to West Central 2025.
(c) This subsection applies to a city or county receiving money under subsection (b). Money paid to a city or county under subsection (b):
(1) must be paid to the fiscal officer of the unit and may be deposited in the unit's general fund or a riverboat fund established by the city or county under IC 36-1-8-9, or both;
(2) may not be used to reduce the unit's maximum levy under IC 6-1.1-18.5 but may be used at the discretion of the unit to reduce the property tax levy of the unit for a particular year;
(3) may be used for any legal or corporate purpose of the unit, including the pledge of money to bonds, leases, or other obligations under IC 5-1-14-4; and
(4) is considered miscellaneous revenue.
(d) Money paid to a school corporation under subsection (b)(3):
(1) may be used for any legal or corporate purpose of the school corporation, including the pledge of money to bonds, leases, or other obligations under IC 5-1-14-4; and
(2) is considered miscellaneous revenue.
(e) Money paid to West Central 2025 under subsection (b)(4) must be used for the development and implementation of a regional economic development strategy that:
(1) assists the residents of Vigo County and the other participating counties in West Central 2025 in improving the quality of life in the region; and
(2) promotes successful and sustainable communities.
(f) The fiscal officer of West Central 2025 shall annually submit a report to the Indiana economic development corporation concerning the organization's use of the money received under subsection (b)(4) and the development and implementation of the regional economic development strategy required by subsection (e).
As added by P.L.293-2019, SEC.26.