Revenue transfers to fund

Sec. 2. (a) This section applies only to a development authority and its member counties and municipalities to the extent necessary to make required payments and maintain a required reserve for debt obligations or leases that were issued or entered into by the development authority before May 1, 2015. (b) Beginning January 1 of the year following the year in which a development authority is established, the fiscal officer of each county and each municipality that is a member of the development authority shall transfer the amount determined under subsection (c) to the development authority for deposit in the development authority fund. (c) The amount of the transfer required each year by subsection (b) from each county and each municipality is equal to the following: (1) Except as provided in subdivision (2), the amount that would be distributed to the county or the municipality as certified distributions of local income tax revenue raised from a local income tax rate of five-hundredths of one percent (0.05%) in the county that is dedicated to economic development purposes under IC 6-3.6-6. (2) In the case of a county or municipality that becomes a member of a development authority after June 30, 2011, and before July 1, 2013, the amount that would be distributed to the county or municipality as certified distributions of local income tax revenue raised from a local income tax rate of twenty-five thousandths of one percent (0.025%) in the county that is dedicated to economic development purposes under IC 6-3.6-6. (d) Notwithstanding subsection (c), if the additional local income tax rate permitted under IC 6-3.6-7-24 is in effect in a county, the obligations of the county and each municipality in the county under this section are satisfied by the transfer to the development fund of all local income tax revenue derived from the additional tax and deposited in the county regional development authority fund. (e) The following apply to the transfers required by this section: (1) The transfers shall be made without appropriation by the fiscal body of the county or the fiscal body of the municipality. (2) Except as provided in subdivision (3), the fiscal officer of each county and each municipality that is a member of the development authority shall transfer twenty-five percent (25%) of the total transfers due for the year before the last business day of January, April, July, and October of each year. (3) Local income tax revenue derived from the additional local income tax rate permitted under IC 6-3.6-7-24 must be transferred to the development fund not more than thirty (30) days after being deposited in the county regional development fund. (4) This subdivision does not apply to a county in which the additional local income tax rate permitted under IC 6-3.6-7-24 has been imposed or to any municipality in the county. The transfers required by this section may be made from any local revenue (other than property tax revenue) of the county or municipality, including excise tax revenue, local income tax revenue, riverboat tax revenue, distributions, incentive payments, or money deposited in the county's or municipality's local major moves construction fund under IC 8-14-16.