I move that Engrossed House Bill 1055 be amended to read as follows:
department (as defined in IC 36-8-12-2) that provides services in
any part of the county.
The revenues from the county economic development income tax
imposed under this section may not be used to pay the costs of
financing constructing, acquiring, renovating, and equipping the county
(d) If the county council makes a determination under subsection (c), the county council may adopt a tax rate under subsection (b). The tax rate may not be imposed at a rate or for a time greater than is necessary to pay for the purposes described in this section.
(e) The county treasurer shall establish a county option tax revenue fund to be used only for the purposes described in this section. County economic development income tax revenues derived from the tax rate imposed under this section shall be deposited in the county option tax revenue fund before making a certified distribution under section 11 of this chapter.
(f) County economic development income tax revenues derived from the tax rate imposed under this section:
(1) may only be used for the purposes described in this section;
(2) may not be considered by the department of local government finance in determining the county's maximum permissible property tax levy limit under IC 6-1.1-18.5; and
(3) may be pledged to the repayment of bonds issued, or leases entered into, for the purposes described in subsection (c).
(g) A county described in subsection (a) possesses:
(1) unique fiscal challenges to finance the operations of county government due to the county's ongoing obligation to repay amounts received by the county due to an overpayment of the county's certified distribution under IC 6-3.5-1.1-9 for a prior year; and
(2) unique capital financing needs related to the purposes described in subsection (c).".
Renumber all SECTIONS consecutively.
(Reference is to EHB 1055 as printed February 17, 2004.)