Sec. 6.2. (a) As used in this section, "sports complex fund" refers to the Mishawaka indoor sports complex fund.
(b) Beginning after June 30, 2019, and subject to subsection (d), the amount of revenue collected by the county treasurer under section 5 of this chapter as a result of a one percent (1%) rate shall be deposited as follows:
(1) Sixty percent (60%) shall be deposited quarterly in the sports complex fund.
(2) Forty percent (40%) shall be deposited as set forth in section 6.3 of this chapter.
In the event that section 6.3 of this chapter expires and the tax rate is decreased as set forth in section 5(c) of this chapter, the amount of revenue deposited in the sports complex fund under subdivision (1) shall not be affected and the reduction in tax revenue collected by the county treasurer under section 5 of this chapter as a result of the decrease in the rate shall only be allocated to reduce the quarterly deposit in the convention and exhibition center fund under section 6(c) of this chapter.
(c) Money in the sports complex fund shall be expended by the board of managers to develop and operate an indoor sports complex located in the city of Mishawaka.
(d) This section expires and the tax rate imposed under this chapter shall be decreased as set forth in section 5(c) of this chapter on the later of:
(1) July 1, 2024; or
(2) the date on which the operations of the indoor sports complex have expired.
As added by P.L.108-2019, SEC.138.
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