Sec. 6. (a) As used in this section, "fund" refers to the northwest Indiana regional development authority commuter rail construction fund established by subsection (b). (b) The northwest Indiana regional development authority commuter rail construction fund is established within the treasury of the development authority as a restricted fund for the purpose of holding money to be used to provide matching grants for projects that: (1) are related to the extension of the Chicago, South Shore, and South Bend Railway; and (2) are approved by the development authority under this section. (c) The fund consists of the following: (1) Appropriations by the general assembly. (2) Contributions received by the development authority under IC 36-7.5-4-1 and IC 36-7.5-4-2 . (3) Contributions of the local income tax revenue received by the fund in accordance with section 5 of this chapter. (4) Federal grants. (5) Gifts. (d) The development authority shall administer the fund. (e) Money in the fund that is not needed to satisfy the obligations of the fund may be invested in the manner that other public money may be invested. Interest or other investment returns received on investments of money in the fund becomes part of the fund. (f) Money in the fund may be disbursed from the fund only for the following purposes: (1) To pay debt service on bonds issued to fund construction projects extending the Chicago, South Shore, and South Bend Railway. (2) To provide matching grants in accordance with the requirements of this section. (3) To pay the expenses of the development authority in administering the fund. (4) To return money to the entity that contributed the money to correct an error in the contribution amount or because the money is no longer needed for the purpose for which the money was contributed. IC 36-7.5-4 Chapter 4. Financing; Issuance of Bonds; Leases 36-7.5-4-1 Development authority revenue fund; accounts; use of money in the fund; debt service 36-7.5-4-2 Revenue transfers to fund; rail projects 36-7.5-4-2.5 Use of revenue to support rail projects and double tracking project; payments of revenue to development authority before certified distributions are made 36-7.5-4-2.5 Use of revenue to support rail projects and double tracking project; payments of revenue to development authority before certified distributions are made 36-7.5-4-3 Bond issues 36-7.5-4-4 Bonding; complete authority 36-7.5-4-5 Bonding; security; trust indenture 36-7.5-4-6 Bond refunding; leases 36-7.5-4-7 Leases; findings 36-7.5-4-8 Leases; complete authority 36-7.5-4-9 Plans; approval 36-7.5-4-10 Agreements; common wall; easements; licenses 36-7.5-4-11 Leases or sale of projects or land to authority 36-7.5-4-12 Option to purchase property 36-7.5-4-13 Tax exemption 36-7.5-4-14 Bonds; legal investments 36-7.5-4-15 Bonds; contesting validity 36-7.5-4-16 Transfers; failure to make; duty of state treasurer or fiscal officer; deduct and transfer payment 36-7.5-4-16 Transfers; failure to make; duty of state treasurer or local fiscal officer; deduction of amounts payable; payment to development authority 36-7.5-4-16.5 Failure of certain cities or counties to make a transfer; duties of state treasurer; deduction of amounts payable to city or county; payment to development authority 36-7.5-4-17 Covenant with holders 36-7.5-4-18 Exclusive approval; development authority; financing a rail project 36-7.5-4-19 Obligations legalized and validated 36-7.5-4-20 Transfer of money 36-7.5-4-21 West Lake corridor project; failure to enter into a full funding grant agreement 36-7.5-4-22 Lake County; commuter rail extensions and improvements; failure to file proper application for federal funding
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