RESOLUTION 2003-12

WHEREAS;   IC 4-33-13-5(e) allows each county to distribute on the basis of population to each city or town their share of monies received from riverboat wagering. These counties only include ones which do not have riverboats.

NOW, THEREFORE, BE IT ORDAINED by the Town Council of the Town of Millersburg as follows:

Section 1.        That there is hereby established a Riverboat Wagering Tax Revenue Sharing Fund for the Town of Millersburg and all monies received shall be deposited into said fund.

Section 2.        That pursuant to IC 4-33-13-5(f) Riverboat Wagering Tax Revenue Sharing the Town of Millersburg shall use the fund for the following purposes:

a.       To fund sewer and water projects, including storm water management projects.

b.      To carry out any governmental purpose for which the fiscal body of the Town of Millersburg appropriates the riverboat wagering tax revenue sharing. The riverboat wagering tax revenue sharing used for this purpose does not reduce the property tax levy of the Town of Millersburg or reduce the maximum levy of the Town of Millersburg.

c.       To reduce property levy of the town. (This reduction of property tax levy does not reduce the maximum levy of the town.)

d.      To fund additional property tax replacement credits in property tax increment allocation areas.

Section 3.        Pursuant to IC 4-33-13-5 the first year’s distribution must be appropriated by an additional appropriation. All years thereafter must be budgeted, if not budgeted and money is left to accumulate an addition appropriation must be done when funds are to be used.

Section 4.        This ordinance shall be effective upon adoption. This 25^thday of September, 2003.