Sec. 12. (a) As used in this section, "county executive" means the board of commissioners of a county elected under IC 36-2-2-2.
(b) The county executive may make an allowance out of the general fund of the county to a corporation incorporated under this chapter.
(c) Before an allowance under subsection (b) is made, the president or secretary of the association shall file a sworn statement with the county executive showing the:
(1) name and date of organization of the association; and
(2) amount expended for fairgrounds and permanent improvements needed for the fairgrounds and the amount necessary to complete the improvements.
(d) After receiving a sworn statement under subsection (c), the county executive may make an allowance that the county executive considers necessary, but that does not exceed either of the following:
(1) Ten thousand dollars ($10,000).
(2) One-half (1/2) the amount shown by the statement to be expended on the grounds and improvements.
(e) The amount appropriated under this section is a lien on the real and personal property of the association.
(f) Dividends may not be declared or paid to the incorporators or stockholders until the appropriation made by the board is repaid to the county treasurer with interest.
[Pre-2008 Recodification Citation: 15-1-2-12.]
As added by P.L.2-2008, SEC.5. Amended by P.L.86-2008, SEC.8.
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