Sec. 5.7. (a) Before July 1, 2019, one (1) or more of the municipalities of Cedar Lake, East Chicago, Griffith, and St. John may: (1) enter into an interlocal cooperation agreement or other agreement; (2) adopt an ordinance or adopt a resolution; or (3) take any other action; to agree to support and finance a rail project (as defined in IC 36-7.5-1-13.5 ) or rail projects. If one (1) or more of the municipalities agrees to support and finance a rail project (as defined in IC 36-7.5-1-13.5 ) or rail projects as described in this subsection, tax revenue that would otherwise be allocated to the municipality under this chapter shall be withheld and paid as described in section 5.5 of this chapter. (b) Neither the action nor inaction of Cedar Lake, East Chicago, Griffith, or St. John under this section affects the enforceability of any of the provisions of section 5.5 of this chapter.
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